Shirts On Sale SoonPosted: March 16, 2014
Phillips Van Heusen (PVH) chart may be interpreted in several ways, but they are all bearish. Firstly, PVH completed a 10 month rising wedge on 21st of January (in blue). PVH made a throwback into the pattern but turned away after a couple of weeks and moved decidedly lower. Implied target for this pattern is $87.
Second point of view is that PVH is constructing a double top formation with a neckline at 114 which has yet to be broken. Implied target for this pattern is $93.
Finally we can also interpret the chart as an 8-months Head & Shoulders pattern with a weak right shoulder. Implied target is also $93.
Take your pick !