Children's Place (PLCE) printed a reversing hammer on Friday just after touching gap support at 70.51. This comes off a lengthy downtrend that began in mid-April after a negative divergence had developed. Take a look at the technical picture on a daily chart first:
Normally a 20 period EMA test with a strong MACD represents solid reward to risk entry. The 20 week test, together with a test of both price and gap support, provides a nice argument for owning PLCE in the near-term.
(DISCLOSURE: I currently own shares of PLCE)