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Coach (COH) Crosses Pivot Point Resistance at $50.44
Mar 22, 2013 (SmarTrend(R) News Watch via COMTEX) --
Shares of Coach (NYSE:COH) opened today above their pivot of $49.77 and have already reached the first level of resistance at $50.44. Analysts will be watching for a cross of the next upside pivot targets of $51.07 and $52.37.
Coach share prices have moved between a 52-week high of $79.70 and a 52-week low of $45.87 and are now trading 10% above that low price at $50.40 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 1% while the 200-day MA has slid 0.6%.
Coach has overhead space with shares priced $50.40, or 17.2% below the average consensus analyst price target of $60.87. The stock should find initial resistance at its 50-day moving average (MA) of $51.19 and further resistance at its 200-day MA of $55.76.
SmarTrend recommended that its subscribers protect gains by selling shares of Coach on January 23rd, 2013 by issuing a Downtrend alert when the shares were trading at $51.46. Since that call, shares of Coach have fallen 3.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Write to Chip Brian at cbrian@mysmartrend.com
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