During Monday's "Mad Money" program Jim Cramer recommended Yeti Holdings, Inc. (YETI) for when you need supplies to go outside. We looked at the charts of YETI on July 17 and wrote that "Will there be a lot of staycations this summer and families needing new coolers and such? Who knows? But the charts of YETI are poised for further gains with a $50 target. New longs should risk below $32."
Let's see if we can refine the strategy.
In this updated daily bar chart of YETI, below, we can see that prices have made new highs. Traders could raise stop protection to a close below $40 now from below $32. Prices are above the rising 50-day moving average line and the rising 200-day moving average line. The On-Balance-Volume (OBV) line remains positive and the Moving Average Convergence Divergence (MACD) oscillator is poised to signal a new outright buy message.
In this weekly bar chart of YETI, below, we still see a bullish picture with a rising 40-week moving average line, a strong OBV line and a bullish MACD oscillator.
In this updated Point and Figure chart of YETI, below, the price target is now raised to the $58 area.
Bottom line strategy: Continue holding longs. Raise stop protection to a close below $40 and raise your price target to the $58 area.
