Casper Sleep is looking bullishNYSE:CSPR broke out of the falling wedge and formed a head and shoulders pattern with bullish divergence with the RSI. Buy now or after breaking above the H&S neckline at 7.65$. Target 10.15$ and stop at 6.2$.
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This is only my own view and not financial advice, do your own analysis before buying or selling
Happy Trading!
Caspermattress
CSPR Long IdeaCasper Mattress Company has just recently IPO'd and has had a less than ideal kickoff to their share price performance.
However, Casper is filling a niche spot in the market being that they can ship their product directly to your door in a package that is easy to transport around the house until you wish to unravel it in a bedroom.
I think we can all share some memories of our childhoods helping our parents or siblings to try to stuff a twin or double sized mattress up a winding staircase or through a hallway and into a bedroom.
Casper has eased the difficulty and simplified the installation process while also providing a comfortable and very well reviewed product using memory foam technology.
The company has been doing big spending in 2019 towards advertising and expects to see roughly a %20+ growth to their sales moving forward through 2020.
Pre-IPO the company received a $1B valuation in what is roughly a $14B market.
Once some more buyers step in and recent gaps are filled, we may see a run towards higher fib levels and possibly even onto newer highs.
If price starts to slide again and stay below the $10 level, then we may be able to expect some continued selling until a new bottom is discovered.
Thoughts?
Trade your own plan, this is just an idea.
