WING head and shoulders

https://www.tradingview.com/x/fF9CcQFf/
WING

WING has recently broken out of a previous upward channel following positive earnings and raised guidance. This pattern resembles a head and shoulders formation, and a neckline break could at least trigger a retest of the 200-day MA.

Key Developments:

• Uptrend channel breached.
  
• Retested bottom of previous channel, failed to break through.
  
• Dropped below 100-day MA, subsequently retested and failed to hold above.
  
• Expected Outcomes:
  

Bullish Scenario: WING breaks above the upper boundary of the current falling wedge, coinciding with the 100-day MA resistance. In this case, I would exit the position.

Bearish Scenario: WING fails to surpass the upper wedge boundary and retests the lower boundary, aligning with previous support and the potential 200-day MA. A subsequent lower high would confirm the head and shoulders pattern, targeting a price of $270-285.

Economic Considerations:
While declining interest rates are anticipated due to recession fears, this could negatively impact consumer spending, including dining out. WING's franchise-heavy business model may be affected by franchisees delaying store openings in anticipation of lower interest rates and improved economic conditions.