The latest stock pick from Playbook of the Week is a bullish play on TOST
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.
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."
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