Papa John's

Papa John's (PZZA) 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.

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At the time of publication, author had no positions in stocks mentioned. Roberto Pedone, based out of Delafield, Wis., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.

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