DAVE (Famous Dave’s Of America) looks ripe to pop out of this symmetrical triangle pattern one way or the other any day now. I favor an upside breakout which is likely to spark a short covering rally. As this stock is still in a vicious bear market that has wiped out 85% of this company’s share price since the Feb 2015 highs, this should be considered a very aggressive, counter-trend trade with the appropriate position size made to one’s position, assuming such as aggressive trade on a highly shorted company with fundamental issues even meshes with their trading style. Due to the aggressive nature of this trade, DAVE will not be added as an official trade idea but rather as an unofficial long trade setup for those interested.
DAVE daily April 21st
DAVE looks to offer an objective, yet aggressive long entry on a break above this downtrend line or the 6.06 level (whichever comes first). These two price targets above are near-term targets for a quick trade likely to last just a few days at most. See daily chart for longer-term swing targets. note: DAVE is scheduled to report earnings on May 4th which is likely to cause a large move in the stock one way or the other.
DAVE 60-minute April 21st