PRTY - 138.00p .. the price has been in a strong 'underlying uptrend' for the last couple of months, and paused briefly at the floor of the early Sept 'gap-down'.
Some believe this 'gap' is a 'resistance free area' through which the price quickly rises .. but it is the opposite .. the 'gap' is a strong resistance area throughout, and some stocks will wait a number of months before even attempting to set foot inside the 'gap'.
However, PRTY held its ground at the 'gap floor', and having built up some strength, has made a strong move into the gap, in an attempt to reach the support of the 155.00p 'initial drop off point'.
Everyone should now be familiar with the 25.00p guideline levels that I use, and their 'mid points' .. so I see strong support below at 125.00p .. strong resistance above at 150.00p .. and a support level in between at the 137.50p mid point level.
The price has succesfully reached this support level, and is now consolidating in preparation for its next target .. which is to break through 150.00p .. and then 'close the gap', by reaching the 155.00p support level.
Taking into account the strong 'underlying uptrend', and the determined move up into the 'gap', I reckon the price has a very good chance of achieving its target in the near future.
