Leading apparel retailer Michael Kors Holdings Limited (NYSE:KORS) is trading lower by $2.64 to $91.23 a share. It should be noted that Kors is now trading below the important 50-day moving average -- an important level for technical traders.
Often, when stocks trade below their 50-day moving average it is a sign of weakness in the near term. Many money managers will not buy stocks that are trading below this key moving average. Day traders can now watch for intra-day chart support around the $90 level, an area where day traders can expect an intra-day bounce.
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