Papa John's (PZZA - Get Report) operates and franchises pizza delivery and carryout restaurants under the Papa John's trademark worldwide. This stock closed up 2.2% at $47.92 in Wednesday's trading session.
Wednesday's Volume: 364,000
Three-Month Average Volume: 296,015
Volume % Change: 50%
From a technical perspective, PZZA spiked notably higher here right above some near-term support at $46.01 with above-average volume. This move is starting to push shares of PZZA within range of triggering a near-term breakout trade. That trade will hit if PZZA manages to take out Wednesday's high of $48.02 to its 52-week high of $49.33 with high volume.Traders should now look for long-biased trades in PZZA as long as it's trending above some near-term support at $46.01 or above its 50-day at $44.59 and then once it sustains a move or close above those breakout levels with volume that's near or above 296,015 shares. If that breakout triggers soon, then PZZA will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $55 to $57. To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume portfolio on Stockpickr. -- Written by Roberto Pedone in Delafield, Wis.