GOOS pops to highest close since February 24th
Canada Goose Holdings Inc. Subordinate (GOOS) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, GOOS finished Wednesday at 28.51 gaining $0.85 (3.07%) on high volume, notably outperforming the S&P 500 (-0.46%). Today's close at 28.51 marks the highest recorded closing price since February 24th. Closing above Tuesday's high at 27.90, Goose confirmed its breakout through the prior session high after trading up to $0.90 above it intraday.
Daily Candlestick Chart (GOOS as at Sep 16, 2020):
Wednesday's trading range has been $1.04 (3.73%), that's slightly above the last trading month's daily average range of $0.91. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for GOOS.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, GOOS gained 2.41% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 24.96.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Canada Goose. Out of 16 times, GOOS closed higher 75.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 50.00% with an average market move of 2.79%.