We have been skipping around the restaurant group of late as there are signs this sector is recovering nicely. Oh, there are stocks that are dreadful and untouchable, like Chipotle. But then there are others that continue to drive higher, like Popeye’s Louisiana Kitchen. Stuck in a wide eight point range since the Spring, this stock has bolted higher and followed through on some impressive turnover.
Relative strength shows the power of this stock, as after the election meltdown Popeye’s showed unrelenting bullish price action. The MACD is on a strong buy signal as well, and rallying in the face of volatile markets tells us buyers continue to pick up the stock. The recent move on 60 bucks was on good turnover, and there is a great chance this will move up toward the mid 60’s on the next run.
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