I’m pumped up about Michael Kors (KORS) (June 11, 2014)
Let me get to Michael Kors ( NYSE:KORS ) here; here’s why. We’ll start at the weekly chart because this really shows a nice setup. Right from the get-go this stock has rewarded those who were big fans of Michael Kors shoes. This is in a really nice uptrend here, you can see it, very, very obvious; we had a nice pop here on some pretty solid earnings and since that time this stock has just been marking time. In fact if you just happened to buy at the very top of the range on that day you’re barely, barely profitable; essentially everybody who bought here is doing okay between $85.00 and $95.00.
Now we look at the daily chart and we see what I’m talking about; this had a little volatility squeeze to the downside. We’re seeing a similar one actually with Qualcomm ( NASDAQ:QCOM ) but that’s another story. You can see the stock traded lower, but what did it really wind up doing? It really wound up just reinforcing this support trendline with all these tags of it. So now the stock at $95.00 is only about $3.00 above this support line, so this offers you a pretty good entry. It’s been consolidating all this time; volume has been pretty low except this little burp here, now the stocks ready to go higher. I think if the stock starts trading, we’ll say at $96.00, if this stock starts trading above $96.00 I think it’s likely to blast right through $100.00 and hit new highs, so do not miss this trade.
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