The Technical Take: Wedbush Fears Price Rise Too High In Panera Bread

Panera Bread Co PNRA shares are trading lower by $4.00 at $213.16 in Monday's session. The catalyst for the decline is a downgrade at Wedbush from Outperform to Neutral.

The issue, which has seen a nice rally since the election, moved from its November 9 low ($185.69) to $218 last Wednesday, before ending the week at $215.64. The all-time high for the issue was made in July at $224.15.

After a lower open, it managed a brief pop to $214.88 before continuing its move lower. It has continued to make lows for the session with the current one standing at $212.80. Based on the daily charts, the support level may not come in until its November 22 low ($211.59).