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Fossil(FOSL - Get Report) is a global design, marketing and distribution company that specializes in consumer fashion accessories. This stock closed up 7.3% to $91.31 on Tuesday.
Tuesday's Volume: 2.1 million
Average Volume: 1.1 million
Volume % Change: 85%
Shares of FOSL ripped higher on Tuesday after Citigroup upgraded the stock to buy from neutral with $100 price target. The firm said Fossil's valuation should increase as investors become more confident in the company's outlook.
From a technical perspective, FOSL trended up and moved back above its 50-day moving average of $86.78 with above-average volume. This move is quickly pushing FOSL within range of triggering a major breakout trade. That trade will hit once FOSL manages to take out some near-term overhead resistance levels at $93.69 to $94.84 with high volume.
Traders should now look for long-biased trades in FOSL as long as it's trending above some near-term overhead resistance at $89.56, and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.1 million shares. If FOSL triggers that breakout soon, then this stock will have a great chance to re-fill some of its previous gap from May that started at around $125.
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