This is our first review of Canada Goose Holdings Inc. (GOOS) from a technical perspective. Prices have doubled from their IPO debut and our charts indicate the rally is not over.
In this daily bar chart of GOOS, below, we can see all of the company's trading history from the middle of March. GOOS made an initial rally to $24 and then pulled back to around $17 before the current advance got under way. The rally got going in earnest in September when GOOS rallied above the rising 50-day moving average line. At the same time, the daily On-Balance-Volume (OBV) turned up, signaling more aggressive buying with heavier trading volume on the days when GOOS closed higher. The trend-following Moving Average Convergence Divergence (MACD) oscillator has been in a bullish configuration above the zero line since the middle of September.
In this Point and Figure chart of GOOS, below, we can see a potential price target of $48.
Bottom line: GOOS could make a high level consolidation pattern in the $31-$35 area before heading higher. This consolidation pattern, should it occur, would be an opportunity to probe the long side of GOOS.