AI
Wednesday, May 30, 2018 11:30:53 AM
This morning, leading luxury retailer Michael Kors Holdings Ltd. (NYSE:KORS) is plunging lower by more than 12.0 percent to $59.51 a share. The company's cautious outlook disappointed the street and seems to be the catalyst for the decline. The next key support area for the stock will be around the 200-day moving average which is currently at $57.83. Unfortunately, the larger chart pattern is signaling more of a decline in KORS stock price. The next major support level on the weekly chart indicates the $50.00 area. This is where the chart has a convergence of important weekly chart moving averages and a major gap window from late October 2017. Traders should keep KORS on the radar around this level for a long side trade.
Nicholas Santiago
InTheMoneyStocks
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