A look, today, at PZZA's big 3-month chart here on Yahoo, with moving averages superimposed, clearly shows that the stock has been trending downhill since it reached its intra-day high of 44.500 on 6/09/98.
As you can also clearly see, since the beginnig of this week it has been playing footsie with its 200 DMA (green line).
Back on 6/24/98, when #272 was posted (and PZZA spent its day between 37.500 and 39.250, closing @ 38.750), it informed lurkers to this thread that the spot price for block cheddar on the CME was then 1.5575.
Today's IBD, page B9, is informing us that Monday's (7/06/98) and Tuesday's (7/07/98) spot price is now up to 1.6075 and here we've had PZZA getting down into the 36+ range on its intra-day low forays since the beginning of this week.
Technically, PZZA is STILL IN A DOWNTREND. It has momentarily paused near its 200 DMA which, as many of you lurkers may know, is considered to be a technical support level, and it is hinting ever so slightly that it would like to find firm footing here.
If it does, this brief episode may be all she wrote. But if it doesn't, and PZZA breaks down below its 200 DMA, the month old downtrending trading channel PZZA has defined for itself has a floor as of today, 7/08/98, @ 33.6012 (calc'd value) or about 33 77/128.
A call to my TA, the Oracle at Delphi, informs me that the next level of technical support below its 200 DMA is in the $33 to $34 range which happens to be consistent with what PZZA's trading channel is currently indicating.
If PZZA should break down further, stock sachem scgeoff (#285) will find it even more ridiculous, market maven PB96 (#287) will sagely respond that this is even bigger BS, and sieranoitulover (#286) probably will (happily) add to his PZZA holdings at an even lower price.