Potential Bullish Wedge in KORSMichael Kors (KORS) is a company that has been on my radar for a good quarter. Ever since the retail apocalypse, many retail stocks continue to pop up on my screens in my search for deep value. KORS is an interesting play, and I will have a detailed write up on it on my investing blog (rockvuecapital.wordpress.com) within the week. But for now, lets look at the technicals.
Like I mentioned in the title, KORS seems to be forming a wedge pattern, with the potential to go bullish if things line up. KORS is closing in on breaking its 50 MA in a bullish manner, while at the same time being provided support from higher lows and higher highs since March.
What's important to watch for is the initial breakout above the 50 MA. If it breaks out above its 50 MA, it has the fundamentals to ride a bullish trend into the mid $40s, at which I would begin placing profits, and then anything after that I would camp my stop loss right around the mid $40s and continue to trail my stops and enjoy the trend.
Details on the company fundamentally will be coming soon. Look out for them at rockvuecapital.wordpress.com
