Sweetgreen Pulls Back
Sweetgreen started running in March, and some traders may see an opportunity in its latest pullback.
The first pattern on today’s chart is the pair of bullish gaps following the last two quarterly reports. They may reflect bullish sentiment toward the restaurant chain, which issued strong guidance both times.
Second, SG retested and held the late-May low of $25.58.
Third, the 50-day simple moving average (SMA) has climbed to the current price zone. That may reflect a positive intermediate-term trend.
The 50-day SMA also had a “golden cross” above the 200-day SMA in March, which may reflect a positive longer-term trend.
Next, the last two candlesticks may show stabilization after a brief pullback. Wednesday featured an inverted hammer and an outside bar. Thursday was an inside bar.
Finally, stochastics have dipped to an oversold condition.
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The first pattern on today’s chart is the pair of bullish gaps following the last two quarterly reports. They may reflect bullish sentiment toward the restaurant chain, which issued strong guidance both times.
Second, SG retested and held the late-May low of $25.58.
Third, the 50-day simple moving average (SMA) has climbed to the current price zone. That may reflect a positive intermediate-term trend.
The 50-day SMA also had a “golden cross” above the 200-day SMA in March, which may reflect a positive longer-term trend.
Next, the last two candlesticks may show stabilization after a brief pullback. Wednesday featured an inverted hammer and an outside bar. Thursday was an inside bar.
Finally, stochastics have dipped to an oversold condition.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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