PARTY CITY - potential H&S reversal pattern
Updated
These are my thoughts on PRTY. They are meant to give you an idea, not trading advice.
Party City is very low at these levels.
It looks like this stock is about to start building the right shoulder, to form an inverted Head and Shoulders pattern, which according to the textbooks is bullish.
If this is so, a buy at the lows of the forming shoulder would be a very good buy to enter a long position.
There's a gap at the end of 2019 that could get filled, what should take the price to about 5$.
Party City is very low at these levels.
It looks like this stock is about to start building the right shoulder, to form an inverted Head and Shoulders pattern, which according to the textbooks is bullish.
If this is so, a buy at the lows of the forming shoulder would be a very good buy to enter a long position.
There's a gap at the end of 2019 that could get filled, what should take the price to about 5$.
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PS, I think the forming shoulder will bottom at the 100MA (pink line)Comment
For now things are moving in the right direction.If this shoulder finds a bottom (hopefully close to 1$) we can look for a long.
Target somewhere close to 4$.
That would be a 400% run.
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sorry 300% runComment
This is still looking very good, small cuts down to form that right shoulder.Wait and see how it reacts to the pink line.
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still looking good.Excited to see next weeks candle!
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This is looking very promising. I would like to see some more downside the next 2 weeks. That would give a nice entry point for a long swing up.Comment
still looking goodComment
Fib channel seems to hold very well at the 61.8 levelComment
it would be early though to go higher now, a drop to the 78.6 could be in the cards.Comment
I think we started the climb in the right shoulder.
These are my thoughts only, meant to give you an idea, not trading advice.
Please be careful, as the market never gives you certainties, only probabilities!
ALWAYS REMEMBER THIS WHEN YOU TRADE
Please be careful, as the market never gives you certainties, only probabilities!
ALWAYS REMEMBER THIS WHEN YOU TRADE
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