🔥 CAKE Reversal: Bullish Move Continued?

Since my last CAKE call, CAKE has gained over 20% in value. The reversal area did indeed mark the low for the short term and the $21.5 target was reached with ease.

As of now, we're trading near the 0.236 Fibonacci retracement. CAKE is trying to pierce through it, but facing strong selling pressure.

We either pierce through the resistance in the coming couple of hours, or we might re-test the 0.382 retracement to try again later.

Target for the next week is placed at $26.

Happy trading!