Bloomin’ Brands Inc (NASDAQ: BLMN)

Bloomin Brands, Inc., through its subsidiaries, owns and operates casual, upscale casual, and fine dining restaurants primarily in the United States. The company operates restaurants under various concepts, including Outback Steakhouse, a casual steakhouse restaurant; Carrabba’s Italian Grill, a casual Italian restaurant; Bonefish Grill, an upscale casual seafood restaurant; and Fleming’s Prime Steakhouse & Wine Bar, a contemporary steakhouse. As of December 28, 2014, it owned and operated 1,344 restaurants and franchised 166 restaurants in 48 states, Puerto Rico, Guam, and 21 countries.
Take a look at the 1-year chart of Bloomin’ (NASDAQ: BLMN) with the added notations:

After its steady decline from the beginning of March into May, BLMN had been trading in an overall sideways move. During that time, the stock had also created an important level of support at $21 (red). Once the stock broke that support, lower prices followed, as expected. Traders could look for that $21 level to now act as resistance if approached.

The Tale of the Tape: BLMN broke a key level of support at $21. A trader could enter a short position on any rallies up to or near $21 with a stop placed above the level. If the stock were to break back above the $21 level, a long position might be entered instead.