Short
CAKE - Potential Head and Shoulders Pattern
CAKE shows what looks like a head and shoulders pattern developing on the 1D chart. Otherwise looks like it will be bullish long term, but looks to correct first.
Looking for backup on the 4HR Chart, we see something similar, a bearish result. The MA100 crosses up and over the MA50, which is a bearish signal. The upwards movement is being rejected currently by the MA50, and may lead to further downward movement. The consolidation here would be at the MA200 on the 4HR chart.
Looking for backup on the 4HR Chart, we see something similar, a bearish result. The MA100 crosses up and over the MA50, which is a bearish signal. The upwards movement is being rejected currently by the MA50, and may lead to further downward movement. The consolidation here would be at the MA200 on the 4HR chart.
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