After moving back into the yellow neutral zone on April 27th, The Michaels Companies, Inc. (MIK) has entered the green favored zone three separate times and has never dipped back into the red unfavored zone. MIK currently sits in the 3rd spot of the SIA Speciality Retail Sector Report after moving up 7 spots during the month of August.
The Michaels Companies Inc. (MIK), is North America's largest provider of arts, crafts, framing, floral and wall décor and its stock has been on a tear as of late as shares recently shot through resistance at $8.68. Price has been consistently moving higher since bottoming out on March 18th. With earnings just around the corner on September 3rd, look for price to continue higher until it reaches its next potential resistance point between $10.50 and the $11.00 round number.
Since hitting a low of $1.00 back on March 18th, shares of MIK have surged 845% to close yesterday at $9.45. A breakout rally carried the shares above prior resistance at $8.68 completing a bullish Spread Double Top pattern and signaling the start of a new upleg. Initial support appears right where price broke out at $8.68 based on a 3-box reversal. Next potential resistance appears just above current price at $9.78 and then the $11 round number.
With a perfect SMAX score of 10, MIK is exhibiting near-term strength against its peers within the SIA Specialty Retail Sector Report.
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