Michael Kors (KORS) led the market in February with a massive gap and new high, but the stock has fallen on hard time in June with a trend line break and relative breakdown. On the price chart, KORS broke the internal trend line and support zone with a sharp decline below 90. Broken support turned resistance and held the last two weeks. The indicator window shows the StockCharts Technical Rank (SCTR) breaking decisively below 50 and remaining weak. With a SCTR score of 23.6, KORS is underperforming over 70% of large-caps.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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