Michaels has been down, down, down for months. With its positive earnings report today, that trend could change in a big way. Despite rising China tariffs, Michaels has increased its operating income and opened more stores than it's closed. Barring additional tariffs, Michaels should start to pull out of its down trend. At the very least, I expect to see a test of my blue trend line soon.
Comment:
P.S. Right now, the analyst ratings on this are all sell. The strong earnings should lead to upgrades, which should provide additional upward catalysts in coming weeks.
Comment:
Michaels broke above its trend line today. This one hit my profit target very fast!