Can BOOT kick into high gear?
This is Scott with your Chart of the Day. I want to take a look at Boot Barn Holdings ( NYSE: BOOT ).
Boot Barn ( NYSE: BOOT ) has had some pretty positive earnings reports over the last year. You can see, down here, we have 4 green earnings reports in a row. They haven’t been perfect, we’ve had some downside surprises. But the market, for the most part, has actually held up really well and supported Boot Barn ( NYSE: BOOT ) over the last few quarters with some progressively higher lows.
In the last couple of days here we have had this nice short base of consolidation. We have some clear resistance on this chart, right there, right around 91.60. Again, if I zoom out we can see a bit of a triangle pattern forming. So we are right near resistance, we’re giving progressively higher lows.
I want to see if Boot Barn ( NYSE: BOOT ) can break above 91.60 and do it on volume and potentially give you a test of some of the previous highs from back here in August, maybe up around 105.00. That would be a potential swing target on a breakout here above 91.60 on Boot Barn ( NYSE: BOOT ). If it can do that, hypothetically this could start printing a bit of a channel pattern.
If I delete this bar, and this bar, and then we draw some lines like this, you could definitely see a potential channel pattern developing here with Boot Barn ( NYSE: BOOT ). Though, that remains to be seen. We will have to see if that, can, in fact, get up to that $100.00 psychological resistance zone.
Boot Barn ( NYSE: BOOT ) doesn’t have earnings again until May, so you have a bit of a runway as long as the market can hold up strong here.
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