Hello fellow StockCharts Users. Who doesn't love pizza? I know I'm a big of anything pizza-related, except the whole trend with putting pineapples on pizzas. There are few setups that are interesting to me such as Domino's (DPZ) & Papa Johns (PZZA). According to Business Insider, Domino's and Papa Johns are going to hire more than 50,000 workers due to the coronavirus while other major companies are laying off workers. Let's get to the charts!
Domino's (DPZ) broke out back in February after a strong earnings report. Since then, it has come back to the 40-week moving or the 200-day moving average. The stock has also made a higher low and, as long as it's above $300, it will continue to be interesting. We also have a SCTR at 99 and new relative highs to the $SPY and $XLY.
Papa Johns (PZZA) is setting up for a potential rangebound trade. The stock has support at $50 and resistance at $70. Currently, we have potential upside of over 20% back to the previous resistance. Papa Johns as well has a SCTR above 90 and is just attempting to move about the 200-MA relative performance line against the $SPY & $XLY.
- Aleksandar Bozic
Technical Analyst, ValueTrend Wealth Management
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