I'm extremely bullish on
CAVA
as a company. However, in the short term, I see bearish technicals as the stock begins to fall from its ATH. The first support line is in the $61 range. If this holds we could see a push back up to new all time highs at $85, especially if it the price manages to break through the resistance on the broadening wedge. Falling below the $61 level would mean a test of the $59 support trend that was established shortly after CAVA went public. Looking at the Visible Range Volume Profile, there's a clear point of control in the $40 range, which means if the $59ish support breaks, there could be a substantial correction for the stock in filling the volume gap.
One of my main concerns for the company stock long term is its 300 p/e value.
CAVA
as a company. However, in the short term, I see bearish technicals as the stock begins to fall from its ATH. The first support line is in the $61 range. If this holds we could see a push back up to new all time highs at $85, especially if it the price manages to break through the resistance on the broadening wedge. Falling below the $61 level would mean a test of the $59 support trend that was established shortly after CAVA went public. Looking at the Visible Range Volume Profile, there's a clear point of control in the $40 range, which means if the $59ish support breaks, there could be a substantial correction for the stock in filling the volume gap. One of my main concerns for the company stock long term is its 300 p/e value.