Bearish technicals. False break above resistance.
$PZZA is bearish for numerous reasons;
1) False break above resistance followed by re-entry into range.
2) False break followed by hanging man candlestick.
3) Sudden jump in volume and ADX are the result of a one off earnings beat instead of due to natural supply/demand fundamentals.
4) RSI not only failed to break higher along with the price but also shows us that our timing is not too late for a short.
1) False break above resistance followed by re-entry into range.
2) False break followed by hanging man candlestick.
3) Sudden jump in volume and ADX are the result of a one off earnings beat instead of due to natural supply/demand fundamentals.
4) RSI not only failed to break higher along with the price but also shows us that our timing is not too late for a short.