Party City Swing Trade Idea
Failing company, good technical chart. Spooky season themed.
According to Insight to Actions poll, 70% of moms across the nation are planning on celebrating Halloween this year. Given that it falls on a Saturday, families won't have to worry about working during the holiday or having to be the jackass parent who ends the night at 7:30 because it's a "school night". Yes, I'm still mad about that Mrs. Rose!
Amid growing concerns of the social distancing dilemma, a trend started in 2015 called Trunk-or-Treating may be coming back to parking lots near you (I'm actually not mad about this, I freakin' hate answering my door).
I think it's a great alternative given today's situation. It's been an awful time to be a kid lately, and this will add some joy to their lives, assuming there are no razor blade apples. Aside from that, these Trunk-or-Treat kits are sold at Party supply stores, and I can easily see kids going HAM with the costumes this year. With great enthusiasm towards October, $PRTY could see $6.
Based on the chart:
- The chart pattern looks to be forming an inverse head and shoulders pattern, which is a bullish signal.
- Increased volume in the summer months during retails uncertainty.
- Crossed above the MA(50) in August.
- Relative strength index shows it's entering overbought territory.
- Accumulation is probably being done, before it sends it back to $6-7.
*Not your financial advisor.
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