Restaurant stocks attracted strong buying support after Miller Tabak & Co raised rating on Cheesecake Factory (CAKE) to buy from hold. As such, shares of P F Chang’s China Bistro, Inc (PFCB) advanced 1.6% on above the daily average volume to 47.70. This is bullish from a technical perspective. In fact, as the chart below indicated, PFCB could climb above 65 and test the 5-year high after the downward trend halted. Just so that you know, initially profiled in our February 24, 2009 “Swing Trader Bulletin” PFCB had gained nearly 150% and remained well position.
Chart 1.1 – P F Chang’s China Bistro, Inc (weekly)
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