Michael Kors (KORS) was upgraded by TheStreet's quantitative service today. The share price of Michael Kors has soared upward since early August and it could challenge the 2016 highs in the weeks ahead. A breakout over $60 would be very bullish for this iconic brand.

Let's check the charts and indicators to see if we want show off our MK handbag.

In this daily bar chart of KORS, below, we can see prices have soared from $34 to $54 in a little more than three months. Prices are above the rising 50-day moving average line and above the now-rising 200-day line. The daily On-Balance-Volume (OBV) has been rising from early June ahead of the actual price breakout in August. A rising OBV line tells us that buyers of KORS have been more aggressive. The trend-following Moving Average Convergence Divergence (MACD) oscillator is crossing to the upside for an outright go-long signal.

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In this weekly bar chart of KORS, below, we can see prices are above the rising 40-week moving average line. The weekly OBV line has been rising the past four months. The weekly MACD oscillator crossed above the zero line two months ago.

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In this Point and Figure chart of KORS, below, we can see a longer-term potential price target of $70.71.

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Bottom line: Traders looking to go long KORS should be careful as prices could correct some of their sharp gains at any time. Be patient and try to buy a dip under $52 and risk a close below $48. Our potential upside price target is $70.

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However, please note that our Quant Ratings service assesses stocks using a proprietary computer model that runs a variety of factors through quantitative and technical analysis. Ratings do not necessarily reflect the opinions of Jim Cramer or other columnists, who may use different criteria to grade stocks.

This column originally appeared at 1:53 p.m. ET today on Real Money, our premium site for active traders. Click here to get great columns like this from Bruce Kamich, Jim Cramer and other writers even earlier in the trading day.

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