The $RL Chart is dressed to impress – December 23, 2024
This is Scott McGregor at Scott Trades on Twitter with StockMarketMentor.com and your Chart of the Day. I want to take a look at Ralph Lauren ( NYSE: RL ).
Ralph Lauren ( NYSE: RL ) is in a well-defined uptrend and above all the major moving averages. If I zoom out here, we can see they have had a lot of positive earnings reports over the past few quarters. Their next earnings aren’t until the beginning of February. This stock is actually looking quite nice just in time for Christmas.
I don’t know about you, but I actually did have some Ralph Lauren ( NYSE: RL ) clothes on my Christmas list. I hate making a Christmas list by the way, but my wife makes me. So I put on some shirts I wanted from Ralph Lauren ( NYSE: RL ) and I wondered what the stock’s doing, it’s actually looking great.
As I mentioned, a well-defined uptrend. It’s above all the major moving averages, we did have a bit of a volume here on Friday. Of course, it was quad witching on Friday, but this is also in a nice pattern, with a clear downward-sloping trendline, clear resistance right here, right here, here, and of course here.
So we have some pretty clear resistance on the stock right around 234.00. I would definitely want to set an alert on Ralph Lauren ( NYSE: RL ) at 234.00 and look for a breakout on this stock above that zone, coming on volume. If it can get above and stay above all of this resistance that it’s running into and close above that level, I think that this could be an actionable idea.
We see pretty clear support down near the 21-day EMA so you could start a small position in and around this base and then add if it starts rewarding you. I like the fact that the 21-day has acted as a pretty clear level of support over the last couple of months. That’s a really clear level to define your risk.
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