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Cheesecake Factory(CAKE - Get Report) is engaged in the restaurant and bakery businesses. This stock is trading up 1.6% at $32.38 in recent trading.
Today's Volume: 738,000
Average Volume: 999,570
Volume % Change: 50%
Shares of CAKE are moving modestly higher here after Goldman Sachs upgraded the stock to neutral from sell. The firm said the restaurant chain's same-store sale trend has held up better than its peers, and that earnings may be boosted by lower food costs.
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From a technical perspective, CAKE is gapping up here and breaking out above some near-term overhead
resistance levels at $32 to $32.18 with decent volume. This move is quickly pushing the stock within range of
triggering another major breakout trade. That trade will hit once CAKE takes out some near-term overhead resistance levels at $33 to $33.30, and then once it clears its 2011 high of $34.07 with high volume.
Traders should look for long-biased trades once CAKE sustains a move or close above those levels with volume that's near or above 999,570 shares. Keep in mind that CAKE is due to report earnings on July 25, so either play for the breakout and run-up prior to its report, or wait until after earnings to play the breakout.