KONA (Kona Grill Inc) reported a loss of .08c/share today which fell shy of expectations, yet the stock is trading up sharply & challenging the top of this large bullish falling wedge. On watch for a long entry but I’d like to see how the stock trades before considering an official long entry, especially considering how far the stock has stretched today (16%) just to get to the top of the wedge. Unofficial trade idea for now but on watch for an objective or higher probability entry.
KONA daily July 28th
On a related note, I went through all the charts in the restaurant sector the other day & have found quite a few attractive setups, both long & short, such as KONA & the recently posted DAVE unofficial trade idea (as DAVE should be reporting earnings within the next few weeks).