Tanger Factory Outlet Centers (SKT) has declined for the past year, but we are starting to see some bullish divergences that are pointing to higher prices in the weeks ahead. Let's check out the latest charts and indicators and see if we want to do some shopping.
In this daily bar chart of SKT, below, we can see that SKT tested the declining 200-day moving average line in December and January but was rejected. The next test may be successful. SKT has made equal lows in February and March but the On-Balance-Volume (OBV) line has turned higher and we can see higher momentum lows. Both of these clues suggest that buyers have become more involved on the recent weakness in the $22-$21 area.
In this weekly bar chart of SKT, below, we can see that prices are below the declining 40-week moving average line. The weekly OBV line has been rising the past three years and the MACD oscillator is narrowing towards a possible cover shorts buy signal.
In this Point and Figure chart of SKT, below, we can see a double bottom at $21.25. Strength above $23.02 will strength the chart.
Bottom line -- SKT is not out of the woods yet but aggressive traders might consider probing the long side on strength above $23 risking below $21.