A Slew of Breakdowns and Breakouts

The most fruitful of my weekend scans were those that looked for stocks in tight trading ranges with good risk-reward ratios. They revealed a number of potential short-term breakout or breakdown candidates, and today I'll look at three in each category.

Michael Kors (KORS) -- Daily Source: StockCharts.com View Chart » View in New Window »

Shares of Michael Kors (KORS) have been trading in a range for the last month, and the price action could be forming be a head-and-shoulders top. During this period, the moving-average convergence-divergence (MACD) line has been in bearish divergence to price, and Chaikin money flow has reflected distribution. The pattern neckline is being reinforced by the 50-day moving average, and if this important level of support is breached, the stock could move considerably lower....338 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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