$CAKE has fallen below its 30-day low: current price 2.014, previous low 2.0631.
After the breakdown, watch two things:
Will the previous low of 2.0631 turn from support into resistance (if the rebound fails to reclaim it)?
Was there a surge in volume on the breakdown? A low-volume break could just be a false breakdown designed to lure in short sellers.
Do you think the market has overreacted?
After the breakdown, watch two things:
Will the previous low of 2.0631 turn from support into resistance (if the rebound fails to reclaim it)?
Was there a surge in volume on the breakdown? A low-volume break could just be a false breakdown designed to lure in short sellers.
Do you think the market has overreacted?