Is Deckers Out of the Woods Yet?
Deckers Outdoors Corp. has lost 67% since its $120 peak in November 2011. Technical analysis suggests DECK is trying to stage a reversal but may not be out of the bears grasp just yet.
A weekly chart shows the nasty down-trend from late November 2011 through all of 2012. MACD convergence suggest the downward momentum might be letting up, coupled with the breakout from its downtrend, there is a case for a reversal in the near term. Significant overhead resistance lies at $42-$44 range.
Daily view shows resistance at $42.50 with an ascending triangle formation. A break to the upside could give price near term momentum to test the 200 SMA on the weekly at $57. However a breakdown of this pattern could lead to more downside pain. Earnings are on February 19, 2013.