Long Position on PLAY @ $61.00 on 9/17/2018 (Momentum)

Dave & Buster's Entertainment, Inc. (PLAY) owns and operates entertainment and dining venues for adults and families.

Its venues offer a menu of entrées and appetizers, as well as a selection of non-alcoholic and alcoholic beverages; and an assortment of entertainment attractions centered on playing games and watching live sports, and other televised events.

The company operates its venues under the Dave & Buster's name. As of April 3, 2018, it owned and operated 110 stores in 37 states, Puerto Rico, and Canada. 

Shares had formed a bullish "cup and handle" prior to the company's earning's report on Thursday night. Shares jumped out of the bullish formation. We expect shares to see a minor consolidation prior to heading higher. 

Entry Point: $61.00

Trading Range: $37.85 - $62.86

Stop Loss: $57.75

Target Price: $67.10

Updates

3/15/2019 1:22:29 PM

PLAY closed at $48.66

Position closed on 3/15/2019 at price of $48.66 with a -20.23% loss in 179 days.

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