Trade Alert - Panera Bread at New Highs

Published on Wednesday, 03 October 2012 12:34 Written by TradersHuddle Wire

New York, October 3rd (TradersHuddle.com) - Shares of Panera Bread Company (NASDAQ:PNRA) booked a new 52 week high today by trading above $174.59, traders are definitely monitoring Panera's price action to see if this move attracts further buying into the stock.

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 Bread is currently trading -0.15% versus its previous trading session close, and it has calculated support and resistance at $153.33 and $173.62 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading higher by 0.48% from its previous trading close, which means that Panera Bread stock is underperforming the overall market.