Technical Earnings Preview: Texas Roadhouse range-bound before earnings
Shares have been stuck in a trading range since May of this year that is largely bound by $48 at the low and $52 at the high. Ahead of earnings news the stock has slipped just below the range low. If the news is bearish, the break could extend further which would be technically bearish for future price. Next support levels to watch as potential downside objectives would be at the $46 area, $44.26, $43.27, $42.41, and the $40 area. If the news is a positive surprise, the top of the range could be met. It would take exceptional news to push the stock through that range high given current price. If a breakout does take place above $52, it would be a major technical positive. Without resistance overhead, the next technical objectives would likely be in the $52.50-$55 area.