Good morning everyone. Happy Wednesday! It’s time for our chart of the week, and let’s take a look at one of my favorite restaurants. It’s called Sweetgreen; symbol on the ticker. So let’s take a look this chart. It recently had earnings. They were really strong. It did come back down a little bit, but it has bounced back nicely in a real way.What we see here – and we can see clearly – the creation of a nice trend channel – an upward sloping trend channel. It’s making higher highs and higher lows along the way. And you see right around here is when the stock came in and deliver earnings. It did fall back to this trend line over here and this 100 day moving average, and it did bounce off of there in a nice way.What we really like seeing over here with Sweetgreen is this big huge volume bar. And this big huge volume bar hit right over here – and we are trading above this level right now. That’s key. That’s very important right now.Relative strength – some would say this is overbought. I don’t say that that’s a reason to shy away from Sweetgreen. Overbought can stay overbought for quite some period of time. We’ve seen a name like Cava, which gets overbought, Chipotle. Two restaurant names that are very, very strong and they get overbought and stay overbought for quite some time.MACD is on a buy signal now. And we see that money flow, not as robust as it was back in August. But still pretty good money flow here – it’s on the positive side.And we see the cloud here is green, which means that the trend remains up. And again, if it clears this $44-45 level, I see this stock making a run towards the $55-60 level over the next several weeks.So Sweetgreen – they make great salads, they make great food over there. And obviously the stock likes the sales and what they’re doing as well.So, Sweetgreen take a look at SG when you’ve got a chance.Video Length: 00:02:10More By This Author:The Benefits Of Active Trading Block Inc: Chart AnalysisMarket Psychology, FOMO, And You
Sweetgreen Inc: Chart Analysis
