PZZA runs into sellers again around 55.50
PZZA ended the week 4.45% higher at 53.55 after losing $0.12 (-0.22%) today. Trading $1.78 higher after the open, Papa John's was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was $2.32 (4.32%), that's slightly above last trading month's daily average range of $2.03. Weekly volatility is also higher, being way above the markets average with the monthly volatility being above average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to a key support level at 53.00. After having been unable to move above 55.83 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 55.50.
While the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Papa John's International, Inc.
|Bearish Bounce off SMA 50||TQ Pro Members Only|
|Bullish Break through SMA 20||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
|Low close to previous two Lows||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
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