When a market is bearish, we often see former support levels turn into resistance. This is the case with Papa John's $PZZA. PZZA Daily Chart(click to enlarge)Bearish Bias Within Consolidation:- PZZA has been consolidating since mid-2018 at the tail end of a bearish trend.- However, it looks like the sideways range is breaking down.- First of all, price missed the range resistance of $60 in 2019.- Then, price broke below a key pivot at $46.30. - Furthermore, this support pivot just turned back into resistance.- These are signs that the market is shifting back into a bearish mode. - I think price has downside to the $37.50-$40 area. - If price does get here, I think it will eventually break down lower.- The $30 level could be in sight. I would limit the bearish outlook to $20 for now (50%+ decline from current price around $44.45). PZZA Weekly Chart(click to enlarge)