Papa Johns Pizza -- Post Earnings -- Massive Diamond Breakout
Updated
Papa John's International Inc PZZA:NSDQ
Target Price Range: $73.00 - $76.00
Implication
Bottom Triangles and Bottom Wedges are considered to be bullish signals that mark a possible reversal of the current downtrend.
Description
Bottom Triangles and Bottom Wedges make up a group of patterns which have the same general shape as Symmetrical Triangles, Wedges, Ascending Triangles and Descending Triangles. The difference is that these particular formations are reversal and not continuation patterns. These patterns have two converging trendlines. The pattern will display two highs touching the upper trendline and two lows touching the lower trendline. Contrary to Triangle formations, Wedges are characterized by their boundary trendlines both moving in the same direction.
This pattern is confirmed when the price breaks upward out of the Bottom Triangle or Bottom Wedge formation to close above the upper trendline.
Target Price Range: $73.00 - $76.00
Implication
Bottom Triangles and Bottom Wedges are considered to be bullish signals that mark a possible reversal of the current downtrend.
Description
Bottom Triangles and Bottom Wedges make up a group of patterns which have the same general shape as Symmetrical Triangles, Wedges, Ascending Triangles and Descending Triangles. The difference is that these particular formations are reversal and not continuation patterns. These patterns have two converging trendlines. The pattern will display two highs touching the upper trendline and two lows touching the lower trendline. Contrary to Triangle formations, Wedges are characterized by their boundary trendlines both moving in the same direction.
This pattern is confirmed when the price breaks upward out of the Bottom Triangle or Bottom Wedge formation to close above the upper trendline.
Note
Gap Window Resistance
Positive Price Take Backs (candle wicks)
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