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Earnings Slam Luxe Watch Maker: Here's The Trade

Published 08/29/2018, 01:19 PM

Movado Group (NYSE:MOV) is a leading designer, marketer and distributor of watches. The stock fell sharply Wednesday after reporting earnings, trading down by more than 14% to $42.15 a share. If the stock closes down around this level it would likely signal more downside to come.

Watch This Support

MOV stock is still trading above its 200-day moving average, which is currently at $38.87. Any close below this key support level would indicate a move down into the $34 area. This would be a solid support level for Movado if tested. Please note, this is where the stock broke out in late March 2018. Traders and investors should expect this level to be defended when reached.
Movado Group

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