TheStreet's Jim Cramer, during his "Mad Money" program on Friday, looked ahead to Tuesday, when earnings are on tap from Ralph Lauren Corp. (RL) . Cramer was bullish RL and a couple other names also due to release quarterly numbers.
In this daily bar chart of RL, below, we can see that prices are getting poised to retest the upside. Prices are above the flattening 50-day moving average line while remaining above the rising 200-day moving average line.
The daily On-Balance-Volume (OBV) line has been rising the past 12 months and signals a bullish approach and aggressive buying.
The Moving Average Convergence Divergence (MACD) oscillator is ready to cross above the zero line for an outright go long signal.
In this weekly bar chart of RL, below, we can see that prices are above the rising 40-week moving average line after a successful test of the line in early October.
The weekly OBV line has been bullish since May of 2017 and is very close to making a new high for the move up.
The weekly MACD oscillator has begun to narrow and could cross to a fresh outright buy signal.
In this Point and Figure chart of RL, below, we can see an upside price target of $148.23 - or a slight new high. This rally, should it occur, could open the way to further long-term gains.
Bottom line strategy: Traders could go long RL on strength above $140 and add above $145. Risk below $125 for now.