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Trading wicker chairs? (PIR)

 

If the plastic shoes don’t float your boat, maybe a wicker chair might? Someone looking for a real aggressive swing trade in this environment might hope for a down day Thursday that would have Pier One Imports (PIR) test its 20 day SMA (pink line). If bought on a successful test, you would be looking to go back up to the recent high around $7.70 or higher. A safer version of the trade (although it might not let you in) would be to wait for retrenchment to $6.50, where PIR started April. That is still in the top half of the uptrend channel, so there is still considerable risk. The stop would be set at $6.15 on a failure to hold the 50 day SMA (yellow line). Good Luck!

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