Panera Bread

[TinGull]

I'm not in it...the IV is sitting too high for me to want to get in on a single leg position, and the calls weren't giving me enough premium to collect much of a credit for the risk exposure...so I sat tight on it.

[brownsfan019]

Tin,
We'll see how this works out. Right now, we are getting a nice bullish engulfing but it's still early. My daytrading side says get out or at least move the stop to a more protective level.... the swing trading side says just look at the daily, right?

Time will tell.

[TinGull]

Ive certainly been watching this one. Interesting the strength so far in the stock on an otherwise crappy day for the major markets. Volume will tell me at the end of the day, too. I wish I could just use candles like you, but I somehow gotta see volume all the time.

[trader273]

Looks like PNRA is finding some sort of support on the window. Looking at the chart, the window is not very big at all, but nonetheless, it is still valid. At least IMHO, it is valid till we get a close below it.

If this day finishes out a bullish engulfing I would argue that this is a good time to go long.

Here is the chart:

[TinGull]

Ive still got an alert set to wake me up if it goes over 50. I still stand on my original thoughts regarding the trade of going long a break above the box formed from 40 to 50.

[TinGull]

2 hour chart of PNRA

[brownsfan019]

Well Tin, this guy just didn't have the gusto we needed. 273 saw a window that I did not see and it bounced right off that. Closing the trade per yesterday's price action yielded a small profit, but nothing to write home about.

I think you'll see with candles that there are many singles and doubles hit and then you get that home run or grand slam on occasion as well. The key is to keep swinging.

I absolutely hate baseball analogies but they seem to work so well. I've tried to make football ones work and they just don't have the same follow through.

[brownsfan019]

And after looking at it more, a reversal into a buy could work well here too.

We know there's some overhead resistance here, but if it busts through, you'll want to be long. If not, we can keep playing this 'box' or 'channel' type formation.

Closer timeframe chart:



Longer timeframe with possible resistance highlighted:





So we see possible immediate resistance @ 49.50 or so.

If it can bust through that level, then I'd be looking at 52 and 55 as the next possible zones.

We may see after today or tomorrow that it could not bust through this overhead resistance that we exit long and possibly short again. Some may be thinking this is futile, but as long as the trades are making money, I am ok with that. When this busts and if we are in it, we'll be even more happy.

[Reaver]

Tin,

Good idea on the 2 hr charts by the way...I was wondering, what would say the main reason you decided to look at 2 hr charts? Was it just the way it was presented that made the most sense to you, or was there another reason?

[TinGull]

BF, very good points. Looking at the daily, its got increasing volume on a spinning top at resistance...it's a tough sell for the bulls to gain the upper hand here, IMO. But, if the markets start to strengthen up again, perhaps it'll help PNRA higher. Regardless, I'm watching 50 like a hawk.