Clothing producer PVH (PVH) returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time since June yesterday after jumping 65 spots. PVH has climbed 264 spots in the last month.
Earlier this year, PVH (PVH) shares attempted to break out of a base, briefly clearing $58.00 then slumping back. Coming out of a summer of base building, which included a recent successful retest of the 50-day average and the $50.00 round number, PVH has come under renewed accumulation, advancing on increasing volume.
This week, PVH has staged a major breakout, blasting through $58.00 to complete a bullish Ascending Triangle base and then driving up through $60.00 toward its 200-day moving average. Next potential resistance appears in the $68.00 to $70.00 range where a measured move, round number and the June high converge. Initial support moves up to the $58.00 breakout point.
Building on a recent bullish Double Top breakout, PVH shares have continued to climb into September, breaking through $60.00 yesterday. Next potential upside resistance tests on trend appear near $65.75 based on a horizontal count and then the $69.10 to $69.80 area based on previous column highs and lows. Initial support appears near $58.90 based on a 3-box reversal. With a bullish SMAX score of 9, PVH is exhibiting near-term strength against the asset classes.
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