Ascending Triangle in Ralph Lauren
An under-the-radar trend in recent weeks has been strength in legacy retailers like 
Macy’s, NYSE:GPS and Ross Stores. Today’s chart focuses on a potentially bullish pattern in peer Ralph Lauren.
Notice the series of higher lows since November 10, when earnings and revenue beat estimates. There’s also a resistance zone around $104.50. The result is an ascending triangle, a potentially bullish pattern.
Second, the top of the triangle is near RL’s previous peak in August (also following a strong quarterly report). This could make the current resistance area and triangle more important.
Third, the stock is trying to push above its 200-day simple moving average.
Next, RL is in the process of forming its second consecutive inside candle on the weekly chart. That also highlights its tightening price action (with subsequent breakout potential.)
Finally, MACD has been steadily rising.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
Macy’s, NYSE:GPS and Ross Stores. Today’s chart focuses on a potentially bullish pattern in peer Ralph Lauren.Notice the series of higher lows since November 10, when earnings and revenue beat estimates. There’s also a resistance zone around $104.50. The result is an ascending triangle, a potentially bullish pattern.
Second, the top of the triangle is near RL’s previous peak in August (also following a strong quarterly report). This could make the current resistance area and triangle more important.
Third, the stock is trying to push above its 200-day simple moving average.
Next, RL is in the process of forming its second consecutive inside candle on the weekly chart. That also highlights its tightening price action (with subsequent breakout potential.)
Finally, MACD has been steadily rising.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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