Coach Getting Warmed Up

Coach (COH) shares have had a difficult December. The very strong November finish quickly lost momentum as December opened. COH has been steadily fading over the last three weeks but signs of a near-term bottom are developing. In Wednesday's early action, the stock hit new lows for the month before mounting a strong rebound and at the low, COH was within pennies of its 200-day moving average.

In mid-October, Coach fell hard. The stock lost more than 10% during a two-day flush inspired by sales data. But the rebound was very sharp and by mid-November, the entire Oct. 22-23 loss had been recovered. Shares leveled off until Nov. 26, when Tiffany & Co. (TIF) led a surge that dragged COH 3.3% higher. The breakout began with a powerful upside gap that pushed the stock to fresh highs for the month. A few days later, COH was bumping up against a very heavy supply zone near the huge July 30 breakdown gap at $57.40. After a 20% rally off the October lows and a key level in play, Coach was headed for a pullback....104 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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