Michael Kors Technical Sell-Off
Shares of luxury apparel company Michael Kors Holdings Ltd (NYSE: KORS) fell Monday, due to bear traders acting on technical levels display.
Shares cross under the 200 DMA testing the level for the fourth time since 2012. A MACD (12,26,9) cross-under took place Monday at around 12:30 pm, in result to the decline activity taken place earlier in the day.
Shares fell nearly five percent from its Wednesday highs. Support seen from Kors Wednesday close of $91.38 is retraced multiple times in the past six months, beginning on February 5th close of $91.34.
Due to the retailer's solid third quarter earnings on February 4th, not much support is displayed at the current price to lower price levels, around $83 a share.
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