Canada Goose Holdings Inc. - (GOOS.TO) - November 8, 2021
Canada Goose (GOOS.TO) has returned to the Green Favored Zone for the first time since March after taking flight on the back of a positive earnings report. The shares finished in 35th place on Friday after soaring 141 places and up out of the red zone in one day.
This three-year weekly chart highlights the strength of Friday’s big rally and massive breakout in Canada Goose (GOOS.TO) shares. After soaring 19.3% on a spike in volume, a signal of strong new bullish investor interest, the shares closed above $60.00 for the first time since May of 2019 and completed a 2 ½ year bullish Ascending Triangle base to signal the start of a new uptrend.
Measured moves from the recent trading range suggest potential resistance near $76.00, then $92.00, which is close to the shares late 2018 peak. Initial support appears near $55.00 then $50.00.
After starting this year off strong, Canada Goose (GOOS.TO) shares had been drifting sideways to downward since March. Last week, that changed with the shares turning sharply upward, completing two bullish Spread Double Top breakouts and snapping out of a downtrend. On Friday, they closed above long-term resistance which had been near $59.00. A close above $60.30 would clear their March peak and confirm the start of a new advance.Next potential upside resistance tests on trend appear near $67.90 based on a previous column high, the $79.55 to $81.15 area where a previous column high, round number and horizontal count cluster, and the previous peak near $93.20. Initial support appears near $54.60 based on a 3-box reversal.
With its bullish SMAX score increasing to 8, GOOS.TO is exhibiting strength against the asset classes.
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