Who wants to $PRTY for Halloween Earnings ? Spooky season is coming up & with it approaching rapidly also comes the opening of those Spirit Halloween stores that seemingly pop up out of nowhere. $PRTY is a seasonal stock because they earn most of their money during the halloween season. With the stock trading at near 2020 lows again we could potentially realize some serious upside after the company reports their Halloween (November) earnings. I put some ghost bars on the chart to resemble the past aug-nov 2020 price action, if the pattern follows the exact same price action then we should settle at about $1.40 right before the November earnings. I am going to be patient with this play and if it fits the 2020 h&s pattern pre-earnings then it's game on! Happy Trading!
PRTY
PRTY Earnings Breakout LONGNYSE:PRTY
PRTY had a double or triple bottom after the earnings
miss in May but has reversed after
PRTY had great reported earnings last week and now
has breakout price action. A Target of %3.00 based
on the volume profile and the EMA 200 seems
reasonable. A stop loss of 1.69 based on the
EMA20 and the volume profile makes for a
good reward for the risk. The low volume
area ( a bit of a gap ) could allow for quick
upwards price action into the upper high volume
as the price fell through the same area quickly
back in May with the earnings miss.
All in all, this makes for an excellent swing trade
setup.
PRTY : There will be a PARTY @ PARTY CITYLOOKS like the PARTY is just GETTING STARTED ... @ PARTY CITY.
Adding a few graphic embellishments to this CHART seemed appropriate.
RESISTANCE BECOMES SUPPORT ZONE
Who knows if nobody sells PRTY may not take a dip ???
SHORT/MID-TERM = LONG.
WHATCH for the across the board US-MARKET correction... THEN
LONG-TERM = VERY LONG.
PRTY : Don't Miss The Party @ PARTY CITY LOOKS like the PARTY is just GETTING STARTED ... @ PARTY CITY.
Adding a few graphic embellishments to this CHART seemed appropriate.
SHORT/MID-TERM = LONG.
WHATCH for the across the board US-MARKET correction... THEN
LONG-TERM = VERY LONG.
Long | PRTYNYSE:PRTY
Possible Scenario: LONG
Evidence: Price Action
This is my idea and could be wrong 100%
PARTY CITY - potential H&S reversal patternThese 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$.
PRTY - Actual Party City Baby!!Excited for the market to open. Current position: 500 shares at $1.46.
Short term support and resistance levels at $0.54 and $2.79
Exit target - 1.75, already trading at 1.60 pre-market hours, if things go south, exiting at 1.40.
The valuable lesson I learned:
The most important times for buying and selling shares are market open and market close. Market open allows you to sell with the algorithms, and before the market close, you can establish your position to ride the wave the next day, ON TIME.
Anyone else trading this stock that would like to share any thoughts? I appreciate learning from more experienced traders.
