Luxury retailer Michael Kors (NYSE:KORS) plunged by more than 12 % to $59.51 a share as its cautious earnings outlook disappointed the street. The next key support area for the stock is around its 200-day moving average, which is currently at $57.83. Unfortunately, the larger chart pattern is signaling more of a decline in KORS.
Crucial Support
The next major support level on the weekly chart indicates the $50 area. That's where the chart has a convergence with important weekly chart moving averages and a major gap window from late October 2017. Traders should keep an eye on KORS around this level for a long side trade.