CBRL Broadening Top and Upcoming Dividend! (Price target: ~$176)

The Broadening Top pattern forms when the price progressively makes higher highs (1, 3) and lower lows (2, 4) following two widening trend lines . The price is expected to move up or down past the pattern depending on which line is broken first. A bit of a toss up since the broadening top formation appears much more frequently at tops than at bottoms, and therefore usually has bearish implications. In this case, however, we see a strong up-trend with an Average Directional Index just shy of the 25 mark. Set limit order above market price to be sure we are looking at a bull broadening top, or for added risk buy the retracement when RSI corrects below 70. For best results take 50% position at each. Consider stop-loss below breakout price.

Added confidence from the fact that Cracker Barrel is recording a $1.20/share dividend on Jan 11th, issued on Feb 5th. Dividend hunters could help drive this trend up. CBRL reports earnings 02/20 BMO and Estimize revenue expectations are 0.77% higher than Wall Street's.

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