When I looked at the chart of V. F. Corp. (VFC) in April, the stock was stalled and I wrote that, "Traders and investors should be more cautious of the long side of VFC in the next few weeks. Price-based indicators look better but volume-driven indicators suggest we should tighten stops to $73."
Looking at VFC this morning it looks like price-based indicators won out as VFC is now breaking out to a new high.
Looking at this updated daily bar chart of VFC, below, we can see that our recommended sell stop of $73 was not elected. Prices are above the rising 50-day moving average line and the bullish 200-day average.
The daily On-Balance-Volume (OBV) line has been inching higher to confirm the advance.
The Moving Average Convergence Divergence (MACD) oscillator is pointed up in a bullish position.
In this weekly bar chart of VFC, below, we can see that the indicators are now all aligned on the bull side. Prices are above the rising 40-week moving average line.
The weekly OBV line is pointed up and the MACD oscillator has just generated a new outright go long signal.
In this Point and Figure chart of VFC, below, we can see the breakout at $84 and the potential longer-term price target of $99.
Bottom line: VFC is breaking out to a new high and longs can add to positions here and new buyers can enter too. Risk below $78 now while looking for gains to the $100 area in the weeks and months ahead.