Ralph Lauren Takes a Breather

Polo Ralph Lauren (RL) has been under very heavy pressure for over a week. The day after hitting new 52-week highs, the stock was hit hard following its fourth-quarter earnings report. Investors began aggressively dumping shares before last Thursday's session, forcing a steep gap-lower open. The heavy selling stretched well into this week, and as of yesterday's close, Ralph Lauren had lost ground six straight days, all on well-above-average trade. Today the stock is rebounding off a solid support area.

At yesterday's settle, Ralph Lauren had dropped just shy of 10% from its May 22 spike high. The pullback began with an ugly news-inspired downside gap. This ended a healthy bull run off major support near the $165.00 level. Gap support here held multiweek lows in March and April, setting the stage for a breakout move to new 52-week highs....201 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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