It is time to revisit Ralph Lauren Corp. (RL) .
Back on Aug. 4 we wrote that "RL made a gap to the upside but it has so far not shown us follow-through buying. RL could pull back to fill the gap and perhaps decline even further. Avoid the long side."
In the updated daily bar chart of RL, below, we can see that prices declined into early October and have since firmed. RL is now trading above the rising 50-day moving average line and the rising 200-day moving average line.
The On-Balance-Volume (OBV) line has climbed to a new high telling us that buyers of RL have been more aggressive. Sometimes the OBV line can be a leading indicator. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.