Earlier today, luxury apparel maker, Canada Goose Holding Inc (GOOS), reported earnings before the opening bell. The company cited the weakness in the brand was hurt due to the coronavirus outbreak in China. Regardless of today’s negative news, the stock has been in a steady down-trend since peaking in November 2018 at $72.27 a share. GOOS stock has been and continues to trade well below it’s 50-week moving average at $30.71 a share. This puts the stock in a very weak technical position on the charts. The next major support level for GOOS will be around the $27.00 level. This important support area is where the stock broke out to the upside in December 2017. Often, prior breakout levels will serve as solid support when retested.
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