Market Overview

Shake Shack Makes New All-Time High

Shake Shack Makes New All-Time High
Related SHAK
Shake Shack In The Early Innings Of Its Growth Story
It May Not Be Long Before Optimistic Scenarios For Shake Shack Begin To Seem Less Likely

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Shake Shack Inc (NYSE: SHAK) shares were trading higher by $2.39 (4.7 percent) at $52.18 in Monday's session. With no relevant news out on the burger purveyor, let's take a look at technicals to explain the explosive price action.

After debuting on January 30 at $47, it reached $52.50 on its inaugural day of trading before falling to settle at $45.90. With no follow to the upside the over the next few days, it drifted lower before making its all-time low on February 17 at $38.63.

From that level, it rallied back to the $47 level and had a mixed reaction to its better-than-expected first earnings report. In a volatile session following the earnings report, it declined from its March 11 close ($46.90) to $42.08 intraday but ended up rallying to close at $47.79.

That low provided the foundation for the rally to new all-time high in today's session at $52.70, $0.20 above its former all-time high. If the issue can maintain its current gains, it will post a new all-time closing high if it can close above its April 7 close ($50.48).

Image credit: m01229, Wikimedia

Posted-In: Pre-market outlookTechnicals Intraday Update Movers Trading Ideas Best of Benzinga


Related Articles (SHAK)

View Comments and Join the Discussion!