V.F. Corp. (VFC) made a strong move to the upside Monday, but the technical setup heading into today was bearish.
The price of VFC has worked lower the past 12 months (see chart above). The On-Balance-Volume (OBV) line turned down in December and January. The slopes of the 50-day and 200-day moving averages are negative, but VFC has rallied to close above the 50-day average recently. The MACD oscillator has firmed back to the underside of the zero line.
This longer-term chart of VFC, above, is bearish. Prices are below the declining 40-week moving average. The OBV line is slowly edging lower and the MACD oscillator has been in a bearish setup for months. A rally above $65 on VFC with expanding volume is needed to turn the charts friendly. We'll be patient and wait for that to happen.