Panera Bread, Reversal Soon?
Published on Thursday, 12 July 2012 04:24 Written by TradersHuddle Wire
New York, July 12th (TradersHuddle.com) - Shares of Panera Bread Company (NASDAQ:PNRA) ended the trading session lower by $3.2 or -2.2% from its previous close. Panera's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Panera Bread Company (NASDAQ:PNRA) owns and franchises bakery cafes. Its bakeries operate under the Panera Bread and Saint Louis Bread Co. names. Panera operates throughout the United States.
Panera's current stock range is determined by calculated support defined at $135.40 and by the resistance level at $146.89, which should be used by traders planning their next move.
If traders want to establish a position in Panera Bread, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Panera Bread for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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