Earnings Play: VF Corp.
On Friday, before market, VF Corp. (VFC) is anticipated to report 4Q EPS of $0.14 compared to $0.60 the prior year on revenue of approximately $2.3B vs. $3.2B last year. The company's current analyst consensus rating is 14 buys, 14 holds and 0 sells, according to Bloomberg.
Looking at a daily chart, VF Corp.'s stock price recently broke to the downside of a rising trend line that price has been holding above since mid to late-March. Price tried to cross above the 50-day moving average on two occasions and was rejected both times, a bearish signal. After price was rejected the second time, it broke to the downside of the rising trend line. The RSI is currently sitting below 40, it also recently broke to the downside of a rising trend line that has been in place since mid-March. Price appears to be gaining bearish momentum as it heads toward the $48.00 dollar support level. If price holds below the $56.00 level we anticipate a test of the $48.00 support level and possibly a continuation down towards the 2020 lows at $45.00.
Source: GAIN Capital, TradingView
Looking at a daily chart, VF Corp.'s stock price recently broke to the downside of a rising trend line that price has been holding above since mid to late-March. Price tried to cross above the 50-day moving average on two occasions and was rejected both times, a bearish signal. After price was rejected the second time, it broke to the downside of the rising trend line. The RSI is currently sitting below 40, it also recently broke to the downside of a rising trend line that has been in place since mid-March. Price appears to be gaining bearish momentum as it heads toward the $48.00 dollar support level. If price holds below the $56.00 level we anticipate a test of the $48.00 support level and possibly a continuation down towards the 2020 lows at $45.00.
Source: GAIN Capital, TradingView
Latest market news
Latest Equities articles
April 12, 2024 02:28 AM
April 7, 2024 08:46 PM
March 31, 2024 11:22 AM
