dchua1969

Fast food does not mean fast money!

Long
NYSE:SHAK   SHAKE SHACK INC
Who like Shake Shack burger ? Not for me as I am not quite into fast food with the occasional purchase of McDonald's fries. Now that I have remove meat from my diet, there are even less reasons to visit a fast food restaurant.

Despite there are so many fast food chain operators here in Singapore, it seems like more new players are coming into our little city. And it is no wonder (imo) that people are getting lazier and having a bigger waist line from consuming all these unhealthy food. Yeah, right, you can put the blame on Covid-19 and say you can't head out to the park to walk or run. So , to comfort yourself over a nice episode of Netflix movies, why not order in a Shake Shack burger ? Now, with all these food delivery companies available, who needs to get out and queue and spend time on transportation ?

Anyway, from the chart, this stock is facing strong resistance at 71.96 level (read my comments in the chart) and if 63.89 support can't hold, we are likely to see it heading south to 57.16.

For a stock that hits its peak at 100+ 5 years ago and hit a low of 30, we are now in the mid range of 60+. Would another 40 bucks up move be sufficient to entice you ? Risks, the worst is it falls back to 30. So , there you go, the risk/reward isn't that enticing and there are other operators that I like better.
Comment: it needs to break above the resistance at 71.96 to continue the next bullish wave.

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