Red Robin Gourmet Burgers
Nearest Resistance: $77.50
Nearest Support: $62.50
Catalyst: Analyst Upgrade
Red Robin Gourmet Burgers (RRGB) is getting a key reprieve from selling this week, pushed higher after Raymond James upgraded the firm to a strong buy rating, with an $80 price target. That was enough of a spark to blast shares out of the downtrend that had been shoving the stock lower since November.
That breakout above the top of the channel is a buy signal -- just keep a tight stop in the small-cap restaurant chain. Things could stay volatile this week.