Michael Kors stock has been on a rollercoaster ride since the end of April, but now it is right back to those levels after a catastrophic dip in May. For the looks of the chart it appears the next move is higher, and perhaps much higher.
In early July we see on the chart the stock broke a downtrend line, but rather unimpressively. However, the first day of August was a robust gain on strong turnover, which put KORS back at levels not seen since it started getting pounded in late April. Momentum is clearly bullish and relative strength quite impressive. Because of the rather flat moving averages the MACD has not signaled yet, but the fuse has been lit. We could see this stock get toward the old highs in the low 60’s in quick order. Earnings are out later this month.
