PZZA closes below its opening price unable to hold early session gains
Papa John's International Inc. (PZZA) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
PZZA finished the week -4.8% lower at 40.26 after losing $1.19 (-2.87%) today. Trading $1.16 higher after the open, the stock 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.
Daily Candlestick Chart (PZZA as at Aug 10, 2018):
Friday's trading range was $2.01 (4.9%), that's slightly below last trading month's daily average range of $2.19. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way 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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.