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Technology Sector Review: 2/22/24

Posted February 22, 2024 at 9:45 am
Douglas Busch
ChartSmarter

Not “Toast”?

  • Opportunities arise when names that have REPORTED solid earnings are taken down by peers who did the opposite. Even they set up technically offering a good risk/reward scenario even better. Today's 5% drop for TOST could turn out to be a good example on the back of software play PANW pummeling lower (TOST is not a security play but the jolt in Palo Alto rocked the sector). Toast may be benefitting from the strong casual dining sector with the likes of WING more than doubling from last September's lows even with the 4% haircut today (notice the bounce off the very round 300 number Wednesday). Or SHAK also dealing with round number theory with the reversal off par on 2/16 and the doji Tuesday? Below is the daily chart of TOST and there are a few things to admire. It is retesting a bullish inverse head and shoulders breakout and filling in a recent gap. On top of that it is hovering just above the very round 20 number and has previously filled in another gap that completed a bullish island reversal from the 12/13 session (after the gap down from 11/8/23). 
Toast Inc.

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Originally Published February 21, 2024

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One thought on “Technology Sector Review: 2/22/24”

  • Grant.

    It’s kinda sad that ibkrcampus uses barchart. Just saying.

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