PVH Corp. (PVH) was reviewed in early April where I wrote, " I doubt that PVH will correct to fill the late February price gap so traders looking to add to longs or get long should do so at current levels or on strength. $200 is our next price target after $170 and sell stop protection could be raised to a close below $145."
Looking back over an updated chart today I can see that we have not reached our $170 price target but more importantly we have not closed below $145. Still long so let's check the charts again.
(For more on PVH, see Jim Cramer's Dick's Sporting Goods Has the Winning Game Plan for Retailers.)
In this daily bar chart of PVH, below, we can see that PVH is still in an uptrend but it has not made a new high this month to continue the pattern. Prices have been testing/hugging the rising 50-day moving average line. The 200-day line is still rising.
The daily On-Balance-Volume (OBV) line shows a positive pattern the past 12 months telling us that buyers of PVH have been more aggressive.
The daily Moving Average Convergence Divergence (MACD) oscillator is neutral right now as it hugs the zero line.
In this weekly bar chart of PVH, below, we can see that prices are above the rising 40-week moving average line.
The weekly OBV line has been strong and bullish since the beginning of 2016 - very impressive.
The weekly MACD oscillator is in bullish territory but the two moving averages that make up this indicator are on top of each other so the price action in the weeks ahead will tip the scales up or down.
In this Point and Figure chart of PVH, below, we can see a potential upside price target of $207 being projected. A new high of $164 is needed to keep the trend going.
Bottom line: In the short-run I would look for PVH to trade sideways around $155. Strength above $164/$165 is needed to refresh the uptrend and I am not sure when we might see that happen. I am not bearish on the stock but I think a longer-consolidation pattern is what we should expect for now.