The Topping to your Papa Johns $PZZA

PZZA

Title says it all. This looks to be a short term top to me on the 1D chart and a potential H&S in the making, currently in the process of printing the head.

$PZZA broke to ATH's after consolidating from May-June. Typically once you breakout to new ATH you will get a retest of the prior consolidation, hence why I am looking to short here with a target around $80. As you can see the purple arc acted as resistance during consolidation before breaking out, completing our right shoulder. I have put another purple arc at the head where we should see resistance and a breakdown back to the consolidation range to test it as support.

Overall I really like this name and think that Papa Johns has a great plan for long term growth. This is a very limited short scalp looking to capitalize on cheap put option premiums.

- PennyBag