Shares of Genesco (GCO) bottomed out in the fourth quarter of 2015 and turned up in early 2016, see the chart below.
This chart of GCO shows that traders and investors bought GCO on dips to -- and below -- $55 in October, November and December. In January, prices turned north and rallied above the 50-day moving average and the 200-day average. The slope or trend of the 50-day average has turned up, too. The On-Balance-Volume (OBV) line is trying to move higher with the price action, but the movements have been erratic. The trend-following the Moving Average Convergence Divergence (MACD) oscillator is positive.
This five-year weekly chart of GCO, above, gives us a number of things to point out. First, we notice the rising OBV line for much of the past five years. More recently, we can see that prices have rallied above the 40-week moving average line and the slope is turning up. The MACD oscillator has moved back to positive territory above the zero line. Additionally, the 2015 low in GCO held the 2012 low. If GCO had broken below its 2012 low, the chart would have taken on a clearly bearish tone.
Looking to go long GCO? Prices are not stretched to the upside, but waiting for a dip towards $65 looks like a good idea. A decline to $61 would turn the short-term picture bearish.