Canada Goose Holdings Inc (GOOS) is tumbling after reporting earnings that failed to impress Wall Street. The apparel maker is trading lower by 13.2% to $38.55 a share. Traders should note that the stock has now fallen below its 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts and often signals further downside in the stock price.
The next major chart support level for Canada Goose Holdings Inc (GOOS) stock will be around the $33.00 area. This important support level is where the stock broke out in February 2021. Often, stocks that backtest their prior breakout levels will be defended when initially tested. It is also an area where the 100-week moving average is located adding to the support level. This looks to be a very solid support area for a long side trade in the stock.
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