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.
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.