With winter approaching, parka producer Canada Goose (GOOS.TO) has been rising up the rankings in the SIA S&P/TSX Composite Index Report. The shares returned to the Green Favored Zone Friday for the first time since November of 2018 after climbing 21 spots on the day and 160 places in the last month.
A long-term downtrend in Canada Goose (GOOS.TO) bottomed out in a 3-day Morning Star candlestick pattern (circled) back in March. For the last six months, the shares have been base building, with higher lows below $35.00 forming a bullish Ascending Triangle pattern.
GOOS.TO staged a major breakout on Friday, blasting through $35.00 (which reverses polarity to become initial support), and rallying up through $38.50. Next potential upside resistance appears near $45.00 based on a measured move, followed by the $50.00 round number on trend.
Canada Goose (GOOS.TO) have come under renewed accumulation lately, completing a series of bullish pattern breakouts including a Double Top, then a Spread Double Top and then on Friday, a large Spread Triple Top, all combining to indicate the start of a new uptrend.
Initial upside resistance appears near $43.10 where a previous column low and a downtrend line converge, followed on trend by the $44.80 to $46.60 zone where several vertical and horizontal counts converge, the $50.00 round number, and $51.45 based on a horizontal count. Initial support appears near $33.30 based on a 3-box reversal.
With a perfect SMAX score of 10, GOOS.TO is exhibiting near-term strength across the asset classes.
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