Papa Johns International Inc (PZZA) has been a major winner in 2020 during the coronavirus scare. It looks as if the stock topped out on September 2, 2020 at $102.25. Since that high pivot, the shares have fallen down to $79.44 a share where it trades today. The stock is now trading below its important 50-day moving average. This puts the stock in a weak technical position on the charts and indicates lower prices ahead.
Swing traders should watch the $70.00 level for important chart support. This level is where the stock broke out in late April 2020. Often, past break-out levels will serve as excellent support when retested. I will be watching this major support area for a longside trade in the stock.
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