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Possible Bearish Inside Day Candle Pattern Detected for Party City Holdc (NYSE:PRTY)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Party City Holdc (NYSE:PRTY) based on the price action in the company's shares. Yesterday's price range of $0.60 and $0.74 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Party City Holdc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Party City Holdco Inc. designs, manufactures, and retails party goods. The Company offers paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts, and stationery. Party City Holdco serves customers worldwide.

Party City Holdc share prices have moved between a 52-week high of $8.53 and a 52-week low of $0.26 and closed yesterday at 142% above that low price at $0.63 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 19.9% while the 200-day MA has slid 4.7%.

Party City Holdc has overhead space with shares priced $0.63, or 96.5% below the average consensus analyst price target of $18.19. The stock should run into initial resistance at its 50-day moving average (MA) of $0.89 and subsequent resistance at its 200-day MA of $3.30.

SmarTrend is tracking the current trend status for Party City Holdc and will alert subscribers who have PRTY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle party city holdc

Ticker(s): PRTY