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Michael Kors(KORS - Get Report) is a designer, marketer, distributor and retailer of women's apparel and accessories and men's apparel bearing the Michael Kors name. This stock is trading up 6% at $55.68 in recent trading.
Today's Volume: 6.2 million
Average Volume: 3.1 million
Volume % Change: 248%
Shares of KORS are ripping higher today after it hiked its fiscal second-quarter and full-year earnings estimates after posting an increase in quarter-to-date comparable store sales.
From a technical perspective, KORS is gapping up sharply higher here with monster volume. This move is quickly pushing KORS within range of triggering a major breakout trade. That trade will hit once KORS manages to clear its all-time high of $56.70 with high volume. At last check, KORS has hit an intraday high of $56.63 and volume is well above its three-month average action of 3.1 million shares.
Traders should now look for long-biased trades as long as KORS is trending above today's low of $54.40, and then once it sustains a move or close above $56.70 with volume that's near or above 3.1 million shares. If that breakout triggers soon, then KORS will have a great chance of hitting $60 to $70. Keep in mind that if KORS triggers that breakout, then the stock will enter all-time high territory, which is bullish technical price action.