PAR fell back strongly this week but closed on what appears to be a new weekly uptrend that is forming (requires an additional trough to be confirmed and if PAR turns up next week that could happen). The resistance break that was the reason for noting this stock was not as strong as some and that may be the reason price didn't rise as expected. However, the chart still looks bullish and I expect PAR to recover.

PAR 11Dec2020

6 November 2020

PAR bounced down off resistance at $3.00 and is currently making another try at that level. A break and close higher would give a target of $3.52. The blue dashed line is a very strong level of support that price has respected for 2 years. After rising from the March Covid low, price retested that support before moving up again. Elliott Wave is unclear and while I’ve traded a small predicted pattern rise, I see reasons why this stock could go on to make new highs above the previous top of $4.40 However, I’ll need to see how price unfolds over the coming weeks and months.

 

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