TOY.CA: Ascending Triangle (23%), Ascending Triangle (81%)Primary Target (short term):
Ascending Triangle (23%)
PT = 51.61$
Secondary Target (Long term):
Ascending Triangle (81%)
PT = 74.22$
Spin Master Corp
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Market insights
$TOY Big Short OpportunityBig short opportunity on TOY after forming bearish pennant continuation pattern. After huge drop on Jan 21st stock has been downtrending from the close of that day. Overall trend has been a downtrend along with short term trend going into earnings report. Candlesticks on lower time frames show the strength of the pennant and on the daily after a downside breakout the following candlestick retouched the trendline before dropping below a strong support level at 29.92. Following the drop was 4 candlesticks all testing this support zone and a local pivot but failing to break through. Stochastic printing a sell signal as well and stock is currently trading below the 50 day EMA. Big short opportunity especially given the overall economy is downtrending right now. TOY has also reported an earnings miss on last 5 reports and their Q4 reports tend to be their weakest quarter.
