Look for an Earnings Explosion in KORS

This stock, which is in a cup and handle pattern, will be an earnings mover!

By John Lansing


Video Transcript

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.

InvestorPlace advisor John Lansing tracks the charts all day and offers expert technical analysis in his day trading, options and trading services: Power Trading at the Open, Parabolic Options and Trending123.  For more information on which service is for you click here.

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