In our last review of apparel maker PVH Corp. (PVH) on March 24 we wrote that "PVH has made an important top formation and has turned lower. Prices could bounce a bit and may improve with the broader market, but further declines look possible in the weeks and months ahead. I would avoid the long side of PVH."
With PVH scheduled to announce its latest quarterly results after the close of trading Wednesday another look at the charts is in order.
In the daily bar chart PVH, below, we can see that the shares were cut in half from November. PVH has been trading below the declining 50-day moving average line and we could soon see a test of that line soon. The 200-day moving average line has a negative slope.
The daily On-Balance-Volume (OBV) line has been in a decline the past 12 months but in May the line is starting to improve. The Moving Average Convergence Divergence (MACD) has turned upward to a new cover shorts buy signal. An outright buy signal (crossing the zero line from below) may not be far off.