Michael Kors Breaks Above Trading Range

Michael Kors broke above its intermediate term trading range recently after beating earnings and seems like its bound to start a new uptrend. Here is the chart along with our thoughts.

Michael Kors stock

Michael Kors stock

As you can see prior to the breakout Michael Kors was trading within the 48-58 range. We believe 58 will become a new support level as the stock continues its move up. The 4 day moving average and 9 day moving averages are indicating a trade-able move up in the near future. The MACD indicates that bullish momentum is rising an indication that the move up might have potential.

Posted Wednesday, February 20th, 2013 under Specific stocks.

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