Michael Kors (KORS) shares have retraced half of their historical range, tracking below their 50 day moving average since about this time last year. They are currently at the 50% Fibonacci retracement level of their IPO price in 2012 and their 2014 all-time high.
The stock is in a downtrend, that’s pretty clear, but while I wouldn’t approach it from the long side until it completed a period of consolidation, I’m equally as hesitant to jump on board the downtrend at this potential technical inflection point. Next chart, please.