Men’s Wearhouse (MW) had its 4th of July fireworks early, firing their Executive Chairman George Zimmer on June 19. But after just a few days of selling over uncertainty, the stock rose over the last two weeks. I have to tell you, I really like the way it looks. Take a look at the chart below. The stock is in a bearish Deep Crab pattern, but with a Potential Reversal Zone (PRZ) all the way up at 48.75.
It also is breaking a bull flag consolidation at 38.80 after a move higher from 35, providing a Measured Move to 42.60. The Relative Strength Index (RSI) is bullish, with a Moving Average Convergence Divergence indicator (MACD) that is rising. These both support further price increases. It may take a couple of months to get there, but that is okay as it pays a dividend of 1.9% and goes ex- in mid September. So with or without George, the stock looks higher. Use a price of 39 as a trigger. It closed over today.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Men’s Wearhouse, I Like The Way It Looks
Published 07/09/2013, 03:28 AM
Updated 05/14/2017, 06:45 AM
Men’s Wearhouse, I Like The Way It Looks
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