Zoom out and see a sloppy cup and handle in this chart. Deckers (DECK) looks ready to go.
Discussed in this article: Deckers Outdoor Corporation ( $DECK )
I want to take a quick look at Decker ( NASDAQ:DECK ). This has basically made a complete turnaround from a real choppy consolidation area, basically a bottom, starting a new uptrend, and now this is actually forming kind of a nice cup and handle with support right here.
So I would suggest taking a look at Decker ( NASDAQ:DECK ). There’s a lot of uncertainty in the market right now, but this is a stock that’s kind of been trading in a fairly narrow range here, a little narrow channel, and it makes for a low risk buy point right now. If you keep a stop just a little bit below the 50-day moving average that’s going to set up really nice for you.
The real important thing about this chart is that when you zoom out, you know you’re zooming in and you see these little zigzags, but when you’re zooming out you can really get a sense of what’s happening; this just really took it in the shorts, consolidation.
My bet is, in a couple months from now this stock a likely be up, I’d say, around $70.00 or so. Why? Because that’s just the way the pattern looks to me.