Getting GOOS-bumps from this upcoming bounce

I'm watching Canada Goose for a bounce after being absolutely crushed today on its highest volume day ever. Hourly RSI fell in one straight shot from overbought to oversold, I have swung a small position and will add into weakness if things get more extreme tomorrow. I haven't fully identified profit targets yet but I do have a trendline I would look for price to eventually bounce back towards.

To get the bounce underway bulls will need to break three resistances in quick succession: 69.49, 69.56, and 69.71 - there's a clear zone of resistance here in the upper mid $69 range. A clear break of $70 on good volume would give the bulls some confidence.

I didn't mention this in the video, but one thing I will be watching for are bear flags...if we get weak bounces on low volume that don't move the price much but cool off hourly RSI levels I would look to exit my position for small profit and look for another setup to re-enter to play this bounce.


I’ll be looking for a reversal candle, possible a hammer in the coming days

It’s found some support along the hourly 200MA so it will be interesting to see tomorrow’s price action

EA announced terrible earnings, got destroyed and now it’s recovered its drop
+1 Reply
McGuireTO borisrehab
@borisrehab, Great call on the hourly 200 although the NYSE ticker did lose that level with extended hours on. I was just speaking with a colleague, the only other day in history of the ticker close to today was in Feb 2018 gap down on earnings but after the initial dump there was a very slow bounce all day to cool off RSI levels which only hit 25 on the hourly. We didn't have that today, just a straight show down from overbought at 78 to oversold at 19. This can definitely go lower, but in my opinion we're likely to get some sort of a bounce attempt first
McGuireTO borisrehab
@borisrehab, I really appreciate your input!
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