PZZA fell on Wednesday after news that a major bidder, Trian Fund Management LP, is no longer pursuing the company.
This follows a long rally for the stock, despite a broad market sell off. I think we'll see some consolidation here followed a modest gain as more news and bidders come into the picture.
I entered long at 47.87 here, with a strangle at DEC21...
Solid trend channel and technicals on weekly and daily charts supporting PZZA having a good year ahead of them. Momentum building and ready to fire to the long side with potential to reach $100 in the next 12-16 months.
PZZA has formed an ugly upside down cup and handle on the daily chart. However, on the 15 minute chart you can see a multiple bottom. The stock is also playing with a long term trend line.
With the lack of significant formations in the market to trade, I have decided to use this time to try some new strategies. I will try an earnings straddle. I am shooting for...
This strategy has been working amazingly well for me in 2017. See $CMSCA and $AA recent blow ups. RSI divergence indicates that the sell side momentum is waning quickly and buyers are swooping back in. Doesn't mean buyers will take control of the price but "I'm saying there's a chance" and the R/R is good.
After an incredible market overreaction PZZA has plummeted over $30 from the ATH. This is the lowest the rsi has been on 1D/3D/1W timeframes in nearly 18 months. This should make for an easy oversold bounce play with a conservative target of $68, a higher target of $75, and a potential new ATH given the incredibly strong trend of this stock.
I love me some papajohns. This chart not so much lol I must of not bought enough pizza would not be surprised if it continued lower then rallied to MA's before continuing lower.
Macro I count 1,2,3,4,5 neckline was broken on weekly. Lets see how this plays out.
PZZA appears to be breaking down from a short term upward channel. Interestingly on the weekly frame it seems forming a H&S formation. Overall technically it looks an interesting short opportunity.
Date First Found- June 20, 2017
Pattern/Why- H&S on weekly chart
Entry Target Criteria- Rally to $77.27-$79.00 or break below $74.93
Exit Target Criteria-...
PZZA (Papa Johns) is looking like a solid short set up.
Breakdown of support on Feb 22nd on serious volume.
bounce off 73.63 support in a descending wedge pattern followed by a recovery up.
Trouble the past two days breaking the closing price of the Fed 22nd move, as evidenced by the long wick yesterday.
H&S pattern forming.
cloud resistance at...
Im very long on Papa Johns because there is a huge support line and im expecting a reversal move. The candle of today is pretty strong and shows that the power of the prior move has dimished and the candle today shows that we can see a move on the upside. So there is a nice and strong support line on the daily chart and on the weekly chart, the candle of today is...