Boot Barn Holdings Inc. (BOOT) was upgraded to a buy Tuesday by TheStreet's Quant Ratings service. We have not looked at the charts of BOOT since Feb. 6 when we wrote, "Whether in boots or wingtips, investors have voted with their feet and sold. It would be unusual for prices to quickly reverse back to the upside, so traders need to stand aside and wait for some stabilization before looking at the long side of BOOT."
Regular readers of Real Money know that I will combine investment approaches such as quantitative analysis and technical analysis.
In the daily bar chart of BOOT, below, we can see that the shares made a low in the middle of March and a retest in early April. From that low prices rallied and eventually became a five-bagger this year. BOOT is trading above the rising 50-day moving average line and above the rising 200-day moving average line.
The On-Balance-Volume (OBV ) line has improved but it has not kept with the price gains. The Moving Average Convergence Divergence (MACD) oscillator is bullish.