PZZATitle says it all. This looks to be a short term top to me on the 1D chart and a potential H&S in the making, currently in the process of printing the head.
PZZA broke to ATH's after consolidating from May-June. Typically once you breakout to new ATH you will get a retest of the prior consolidation, hence why I am looking to short here with a target around $80. As you can see the purple arc acted as resistance during consolidation before breaking out, completing our right shoulder. I have put another purple arc at the head where we should see resistance and a breakdown back to the consolidation range to test it as support.Overall I really like this name and think that Papa Johns has a great plan for long term growth. This is a very limited short scalp looking to capitalize on cheap put option premiums.
- PennyBag
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.