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twincreeks

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05/10/21

19:46

Post #: 56584918
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Originally posted by philm23: ↑

Here's an update the monthly charts posted back in June.
At the time it looked like the area of high time frame support would be tested and that played out.

Recent action on the daily has been constructive and could indicate a trend reversal.
Perhaps the most bullish is the relative strength shown against a weaker US market.

First area to reclaim was $2 (also a key psychological level) then the $2.20-$2.25 area is important.
You could make the argument for a double bottom, break of the neckline at $2, push to $2.20 now retesting the neckline.
You want to see continued relative strength, if the US really starts to lose it, it will likely drag it down, otherwise a stabilisation or rebound in the US would be quite bullish for PAR. Today is likely to be a tough day in the market generally so will be interesting to see the volume and demand around $2, hoping for something like the below.

All the best holders,
PM

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great chart philm23....the double bottom really clear on that scale. Could really do with a few more charts on this stock, keep throwing them in when u have time!

zooming up to the action today....looking for a new channel to form ....here are two lines up for grabs, I like the higher one...thinking the downtrend has already backtested so no point AND a lower low would be very odd after a break.

PAR Price at posting: $2.01 Sentiment: Buy Disclosure: Held
7 Upvote

0 Great analysis

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