Panera is a name we have repeatedly looked at in recent months as being a former leader in the consumer space which had displayed signs of deterioration.
The updated weekly chart below shows a well-defined topping pattern from the spring and summer gave way to a steep decline. Unlike other potential topping patterns this year which failed to break lower, and then V-shaped to fresh highs (AXP GOOG JPM, etc.), Panera was one which did go according to the script, even in a resilient bull market.
The issue, of course, is where we go from here. Is it a durable bottom or is there more imminent downside in store? The same might be said, or queried, about CAB M RL and other assorted consumer/retail plays.
I will provide a more thorough and educational analysis in searching for answers to the above questions tomorrow in my Weekly Strategy Session.
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Jesus Christ, do you ever not work? When is the last time you took a vacation Chess?
LoL What is this “vacation,” of which you speak?
Little known fact:
There are really three people named chessNwine. They all work 24×7. Hence the prodigious output.
Kudos on the continued quality posts, Chess.
LoL Cheers!
Vacations are for pussy’s. Keep working Chess!
Easy for you to say. You live in paradise. I’m guessing you’re no more than 10 minutes from half naked women at all times.
Haha thanks guys
The bounce the last five days on PNRA on the daily chart is potent enough but looks odd if looking at it form the weekly chart then if you go to the monthly chart it all make sense.
It looks like a bullish bounce for Nov. on this stock.
Nice, Chalan.
I went long this stock at midday friday once it closed the earnings gap and held. It’s the last one to leave the station of the 3 Restaurant stocks which have potential in any market imho.
Thanks, Scung! Good to see you. Hope all is well.