Again the theme is less risk in current Macroeconomic environment. Travel numbers have been going down which doesn't bode well for travel and leisure. As always the ratio of our trades are paramont. This is a good spot to make some money on a trade that played out quite nicely in the past.
How can you tell when a stock makes a double or triple bottom? these chart patterns are hard to see sometimes.
... just a rhetorical question. I'm sure $PK can move either direction in the near-term.
... but hopefully higher in the distant future.
The recent earnings were fairly good, and I believe the current price reflects market fear regarding the "delta-variant".
I like $PK at current levels and will continue to accumulate shares (with a 1 month to year-end time frame).
I see it swinging between the S1 and R1 pivots points ($17.00 - $21.50) between now and Q1 2022.
The only thing I know for sure...
Potential entry above $19.00 at which
point the stock will have cleared channel resistance and the Fibonacci Golden pocket.
The next resistance to consider as Take Profit will be the major pivot point @ $21.65.
Good Luck and please give us a like or leave a comment.
Ticker: $PK Daily & Weekly Chart
- Rounded Bottom Pattern formed in the Daily Chart
- Ascending Triangle formed in the Weekly Chart
- Made a breakout from rectangle consolidation with gap-up
- Entry at higher high ($14.75)
- Potential target : $22 - $26.50
Cluster of resistance
1) June Pivot
2) old rising trendline
3) Fibonacci 0.5 retracement
alert set for break above this level with $18.00
as a potential short term target
