Shake Shack ( SHAK) is trying to put in a bottom but buy and hold investors may experience some hunger pangs in the weeks and months ahead. Let's check out the charts, indicators and the menu. 
In this daily bar chart of SHAK, below, we can see that prices made a low in June and have been moving sideways over the subsequent months. Trading volume has not improved all that much but the On-Balance-Volume (OBV) line inched up from early July to late October where it started to decline again. The Moving Average Convergence Divergence (MACD) oscillator has been fluctuating around the zero line and is now crossing below it.
In this weekly Japanese candlestick chart of SHAK, below, we can see a mixed picture. The price chart is still bearish and in a downward trend but the indicators show improvement. SHAK looks like it failed to break above the declining 40-week moving average line.
The weekly OBV line has improved from June and the MACD oscillator continues to rise but remains below the zero line.
In this daily Point and Figure chart of SHAK, below, we can see a potential downside price target in the $32 area.
In this weekly Point and Figure chart of SHAK, below, we can see the same price target as the daily chart, above, $32.
Bottom line strategy: Shares of SHAK could continue to trade sideways and that is okay but there remains a risk that prices sink to new lower lows in the weeks ahead. Be careful.
