Stay home and cook: Manieri bearish on restaurant stockDarden Restaurants have satisfied the masses with many brands such as Red Lobster and the Olive Garden. Right now, this stock is hot off the heels of a completed Gartley pattern that just hit target twos.
We see a bearish trend starting to form, and a subsequent opportunity to get involved on a continuation play. We start to see price action starting to make rather textbook lower lows and outside returns. The risk reward profile at market actually allows us to become involved next bar market, with about a 1;1. We will take profit not with the expectation that price will print lower lows, but rather, price will retest the most recent lowest close.
Eat up.
Benny Manieri
