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El Pollo Loco Shares Reverse At $29, Now Flirting With $30 Level

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Shares of El Pollo LoCo (NASDAQ: LOCO) appear to be trading around inflection point, looking to make support at the $30 level following a sharp decline beginning Tuesday.

El Pollo Loco shares gaped down at Wednesday's market open, testing a major support level. Shares quickly rebounded and fell back to that critical morning support at $29, which appears to be a minor support level. Throughout the course of Wednesday's trade, support was tested three times, all of which saw heavy volume in favor of the bulls.

Following the morning volatility shares began to climb past $30, with the high of day printing at $31.17; shares closed just above $30 support.

Shares rose quickly back to the high of $31 Thursday morning, which did attract sellers. The stock is currently trading at a major support level of $30, which appears to be holding strong on light volume. Shares were last trading at $29.81.

Shares of El Pollo LoCo are up 26 percent year to date. The company is set to announce Q2 results September 4.

Posted-In: Technicals Trading Ideas


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