PARTY CITY - potential H&S reversal pattern

2020年6月19日

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$.

2020年6月19日

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PS, I think the forming shoulder will bottom at the 100MA (pink line)

2020年6月23日

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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.

2020年6月23日

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sorry 300% run

2020年6月24日

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This is still looking very good, small cuts down to form that right shoulder.
Wait and see how it reacts to the pink line.

2020年6月26日

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still looking good.
Excited to see next weeks candle!

2020年7月8日

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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.

2020年7月14日

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still looking good

2020年7月14日

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Fib channel seems to hold very well at the 61.8 level

2020年7月14日

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it would be early though to go higher now, a drop to the 78.6 could be in the cards.

2020年7月24日

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I think we started the climb in the right shoulder.