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Cava Group Has Some Tasty Chart Points: Here's the Play - RealMoney

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Cava is owned by the publicly traded Cava Group (CAVA)  , which also including Zoës Kitchen. The combined company is the largest restaurant operator in the Mediterranean category in the U.S. Cava also produces a line of Mediterranean dips, spreads, and dressings that are sold in grocery stores.

The nearest Cava location is a two hour drive for me so I will just check out the charts for now.

In this daily Japanese candlestick chart of CAVA, below, we do not have much in the way of price history to work with. I can see a bullish engulfing pattern last week to mark a low on the chart. I can also see some lower shadows below $38 to suggest that traders are rejecting the lows.

The daily On-Balance-Volume (OBV) line shows strength the past two trading sessions and that is encouraging.

In this daily Point and Figure chart of CAVA, below, I can see that price strength above $44 should be encouraging.
Bottom line strategy: Traders who understand the risks of trading new issues could go long CAVA on a close above $44. Risk to $39.

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"tasty" - Google News
July 10, 2023 at 10:00PM
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Cava Group Has Some Tasty Chart Points: Here's the Play - RealMoney
"tasty" - Google News
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