Long trade in TOST
TOST went public in late 2021 - just in time to get slaughtered in last year's bear market. But the stock is now turning around.
I like the late-2021 and 2022 IPO bucket since a lot of these names have not had a chance to shine in a healthy market. Many are trading for a fraction of their IPO price and beginning to shine. TOST is one of them.
After nearly doubling off its lows in the middle of last year, TOST began forming a large consolidation base.
Notice how the stock respects its 200-day moving average. What was initially resistance has become support after reclaiming the 200-day, and TOST is now breaking out to new 52-week highs.
Last week's pullback to the 21-day moving average (blue line) was immediately bought. We are seeing tennis ball action as TOST jumps right back to its highs which is a good sign of support buying.
We are seeing the first base breakout in the stock's history which, historically, has led to substantial upside moves in new companies with game-changing products like Toast.
NOTE: The company reports earnings on Thursday, 2/16 so I will be keeping exposure light until we see the numbers and how the stock reacts.
I like the late-2021 and 2022 IPO bucket since a lot of these names have not had a chance to shine in a healthy market. Many are trading for a fraction of their IPO price and beginning to shine. TOST is one of them.
After nearly doubling off its lows in the middle of last year, TOST began forming a large consolidation base.
Notice how the stock respects its 200-day moving average. What was initially resistance has become support after reclaiming the 200-day, and TOST is now breaking out to new 52-week highs.
Last week's pullback to the 21-day moving average (blue line) was immediately bought. We are seeing tennis ball action as TOST jumps right back to its highs which is a good sign of support buying.
We are seeing the first base breakout in the stock's history which, historically, has led to substantial upside moves in new companies with game-changing products like Toast.
NOTE: The company reports earnings on Thursday, 2/16 so I will be keeping exposure light until we see the numbers and how the stock reacts.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.