Panera Heating Up

Many of the trade setups that I've shared have started with analysis on a weekly chart. Sometimes backing up and looking at the forest, rather than the trees, can help you identify some excellent trade setups -- and I think that's what we're looking at right now in Panera (PNRA). The daily chart, I have to admit, looks like garbage. But the weekly shows some promise.

Panera (PNRA) -- Weekly Source: Dynamic Trader View Chart » View in New Window »

What immediately stood out to me here was the symmetry, or similarity of price swings in the same direction. Thus far, the current pullback has seen the stock drop by $29.22, so I compared that with a few prior major declines. One of these, a swing into the August 2006 low, brought the stock down $29.63. A slide into the October 2008 low came to $30.78, and another -- into the June 2012 nadir -- totaled $30.59. Given the similarities among all of these moves, I call them "symmetrical."...277 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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