Cheesecake Factory $CAKE has been in a bullish correction since September 2017. Share price rallied from a low around $38.50 to a higher around $51.05. Then, we saw price trade sideways in a consolidation range between roughly $51.05 and $46.95.In February, price broke below that range. As we see price rebound, we should see if the market will respect the broken range as resistance. CAKE Daily Chart(click to enlarge)Bears in Charge:- Note that price is under the 200-, 100-, and 50-day simple moving averages (SMAs).- Also, the RSI basically swung from above 70 to 30, which shows lost of the prevailing bullish momentum. If the RSI can hold under 60, we should be looking at a bearish market.- As far as price, if CAKE can hold under $49.00, it is likely still bearish.- The bearish market means the $39-$40 area is in sight.- But because the prevailing market is also bearish, we might see price dip towards the next key area: $32.50-$34.15 (Refer to the weekly chart below).- In the weekly chart, also note that price fell below the moving averages, and has respected them as resistance. The RSI has dipped below 30, and after coming back up, it is still under 40.- The long-term picture is therefore also very bearish. CAKE Weekly Chart(click to enlarge)