Cheesecake Factory: Sequence calling for more Upside
|In today's blog, we will have a look at the latest moves in The Cheesecake Factory Incorporated stock.
Cheesecake Factory is an American Restaurant chain and distributor of cheesecakes which has its headquarter in Los Angeles, California. The Restaurant has around 210 locations around the U.S. but they also expanded into international markets. The Restuartunals is listed in the NASDAQ 100.
The company released its first-quarter earnings on May the first 2019. The revenue came out at $599.48 million and consequently missed the consensus estimate of $602 million. However, the adjusted earnings per share were $0.62, beating the expectations of $0.60. Even tho the earnings missed the forecasted numbers the stock was able to make a new high. Below you can see the daily chart of Cheesecake Factory. The stock ended the cycle from 07/27/18 peak at 12/28/18 low. And above from there is has been correcting that cycle.
With the new spike higher after the earnings release, it managed to break above 02/21/19 peak making it a 5 swings incomplete sequence from its 12/18/18 low, opening up extension higher. As long as the stock stays above the 6th swing low ($48.21) it should ideally trade higher into the blue box area towards $52.91-$58.19. This coincides with the identical cycle in the world indices.
The Cheesecake Factory 05.04.2019 Daily Sequence Analysis
In the last chart, you can see nicely that the FTSE 100 Index is trading within the same cycle as the Cheesecake Factory stock and has an incomplete sequence to the upside based on the "One Market Only" concept. This can also be the first indication that the stock could potentially trade higher as well into its respective equal legs area.
The Cheesecake Factory vs FTSE 100 05.04.2019 Sequence Analysis
Become a Successful Trader and Master Elliott Wave like a Pro. Start your Free 14 Day Trial at - Elliott Wave Forecast.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.