Panera Bread (PNRA), together with its subsidiaries, owns, operates and franchises retail bakery-cafes in the U.S. and Canada. This stock closed up 3.5% at $151.76 in Wednesday's trading session.
Wednesday's Volume: 2.34 million
Three-Month Average Volume: 543,375
Volume % Change: 369%
From a technical perspective, PNRA gapped up sharply higher here back above its 50-day moving average of $150.06 with monster upside volume. This sharp move to the upside on Wednesday looks to have pushed PNRA out of its recent downtrend since it tagged its high price level since mid-June. Market players should now look for a continuation move to the upside in the short-term if PNRA manages to take out Wednesday's intraday high of $154.80 with strong upside volume flows.
Traders should now look for long-biased trades in PNRA as long as it's trending above Wednesday's intraday low of $148.27 and then once it sustains a move or close above $154.80 with volume that's near or above 543,375 shares. If that move gets started soon, then PNRA will set up to re-test or possibly take out its next major overhead resistance levels at $160.13 to $160.35, or even its 200-day moving average of $165.91.
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-- Written by Roberto Pedone in Delafield, Wis.