Toast Stock Signal You Should Be Watching

TOST's 50- and 200-day moving averages have crossed over

Senior Market Strategist
Nov 1, 2022 at 8:00 AM
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Below is an excerpt from this yesterday's episode of Schaeffer's Playbook of the Week, featuring Schaeffer's Senior Market Strategist Chris Prybal. Below, Chris makes a bullish case for Toast Inc (NYSE:TOST).

"Toast is our stock of the week. It's on the newer side, but recently formed a golden cross pattern  with its 50- and 200-day moving averages. The $40 was the initial public offering (IPO) price, so $20 is obviously half that and is demarcated support/resistance. The 100-day trendline also found support during its recent basing pattern. TOST is outperforming a turbulent market, up 15% versus' the SPY's -6% year-to-date loss. 

TOST PLBK

It reported a triple play beat in its most recent report, and steps up to the plate again on Tuesday, Nov. 8, so in about a week. Short interest has been steadily alongside price action, up 35% over the past month. 

With its point of sales kiosks, Toast fills a need in the food service industry that is quite short staffed right now. They're undervalued with the golden cross and the short interest build."

Join Schaeffer's Playbook of the Week now and tune in every Monday morning at 8:30 a.m. to get ready for the trading week with me. Click here for more information to get started.

Schaeffer's Playbook of the Week

 

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