Canada Goose - (GOOS.TO) - September 21, 2020

by SIACharts.com

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.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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