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Tight Bull Flag Forms in Coiled Lifestyle Retailer

by | Apr 3, 2023

Boot Barn (BOOT) shares are tightly coiling and hitting the Ready to Run scan as MACD sees a recent bull cross and the 8/21 EMA bull cross showing momentum shifting higher. BOOT had a bullish hammer candle on Monday and closed just under the top of the new monthly value area at 77.20. A move through this level can see a strong breakout to 82 which is the untested VPOC overhead from earlier this year. BOOT has an easy level to manage risk against a move below 74. The stock has a higher beta and short float of 8.3% so a breakout can accelerate.

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