Good morning, 24/7 Traders. I wanted to do an updated on a stock that’s reporting in the pre-market: Michael Kors Holdings (NASDAQ:KORS), which I’ve updated on 24/7 Trader website throughout the week after it rallied off of the lows in a hammer formation.
On the chart in the video, I show you the “lip” of the cup in the cup and handle pattern, so confirmation would be a move higher than the $58 area on volume. KORS is reporting pre-market Tuesday and it’s in a classic cup and handle pattern.
Now, statistically, these have a 62% success rate, so you have to keep in mind that that means there is a 38% chance that it could fail. Confirmation of that non-failure would be a move above the $58 area on volume.
I also look at a few stocks of notable interest like Coca-Cola (NYSE:KO), Fossil (NASDAQ:FOSL), Zebra Technologies (NASDAQ:ZBRA), Valspar (NYSE:VAL) and about a dozen or so stocks that report Tuesday, but KORS has all momentum traders’ eyes on it.
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