Goeasy’s Steep Slide: Breaking Support and Heading for Trouble?

by SIACharts.com

The chart of Goeasy (GSY.TO) has fallen both from an absolute and relative perspective, as highlighted in the attached SIA matrix position chart. Shares have now fallen back into the unfavored zone of the SIA Combined Canadian Dividend Report, now positioned at spot #105 on this influential report, with its shares down 15.45% YTD. The magnitude of this decline is highlighted in the attached point-and-figure chart, where the SIA overlay tool is engaged and color coding is applied to the X and O marks. Here, we find that shares of GSY.TO are moving through initial support at $152.48 and nearing new support at $140.87. Beyond this, there is another range of support between $130.14 and $125.09, with major support on trend at $98.63, which is consistent with the psychological whole number $100.

This slippage through support is also visible on the attached candlestick chart, circled in red. On the candlestick chart, support is also visible at the $130 level, with further support at the $85 level. Meanwhile, Goeasy carries a very negative SMAX score of 0 out of 10, which further underscores its lack of relative strength in the market. The SMAX score is used as a near-term indicator, comparing an asset against various 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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