Analyst Observations | Nasdaq Dorsey Wright

Comments include: CAKE, CNR, SHOP, & SPHR.

CAKE The Cheesecake Factory Incorporated ($84.15) - Restaurants - CAKE broke a double top at $81 for a fourth buy signal since May as shares rallied to $84, marking a new all-time chart high. The stock has been a 5 for 5'er since May and ranks within the top quartile of the Restaurants sector matrix. The rally has pushed the stock into overbought territory, so those considering will look for a pullback to the upper $70s before adding. Initial support lies at $76, while additional can be found at $73.

CNR Core Natural Resources Inc. ($81.43) - Oil - CNR gave an initial buy signal Friday when it broke a double top at $82. The outlook for the stock remains decidedly negative, however, as CNR is a 0 for 5'er and ranks in the bottom quartile of the oil sector matrix. From here, support sits at $78 while overhead resistance can be found at $83.

SHOP Shopify Inc ($123.50) - Retailing - SHOP broke a spread triple top at $126 for a fourth buy signal since June. The follows a recent positive trend reversal, which increased the stock up to a 3 for 5'er. From here, note resistance in the upper $130 range. Initial support lies at $116, while additional can be found at $112 and $108.

SPHR Sphere Entertainment Co. ($147.50) - Leisure - SPHR broke a double bottom at $148 for a second sell signal as shares fell to $146. The stock continues to maintain a 5 technical attribute rating and ranks within the top third of the Leisure sector matrix. From here, multiple support levels reside in the mid $120 to mid $130 range.

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