$PVH going down is this a sign for $XLY to follow suit
$PVH is a company that brings you the brands like Tommy Hilfiger for example. I am looking for this to head back to the down side as we are starting to get into the new year.
Bullish case: crossing above the psychological level of 70 this will make some noise as we are currently in high low territory. If there is a strong amount of support, it will retest 72 and 77 levels.
Bearish case: My general thesis, after breaking this support that imbalance candle could lead it into 64-65 level before a retracement. With all indicators pointing to the downside here, I think this is the most probable situation.
Bullish case: crossing above the psychological level of 70 this will make some noise as we are currently in high low territory. If there is a strong amount of support, it will retest 72 and 77 levels.
Bearish case: My general thesis, after breaking this support that imbalance candle could lead it into 64-65 level before a retracement. With all indicators pointing to the downside here, I think this is the most probable situation.
Comment:
The moment it retested the down trend so quickly after testing it earlier signaled the end.
Sometime you have to take a step back to make a better step forward.
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