The clothing retail giant’s shares rose sharply today, following the market open, in anticipation of the first earnings report for the fiscal quarter ending in January. According to the official page of Nasdaq, the analysts’ official forecasts are for 1.13 earnings per share. Overall, the early weeks of 2019 are typically happy times for retails, as consumers are still on the festive period’s spending spree and big promotions typically boost the demand.
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We can see from the daily chart that 2018 ended with a textbook completion of an inverted head and shoulders formation bellow the fundamentally significant support level at 20 USD. The formation itself is a distinct trend reversal pattern with the price breaking and closing above the support, after the termination of the pattern.
We see the typical A-B-C setup as well, as the price attempted to exceed the initial gains only to fall back to the support and after a brief correlation, it is now once again ready to venture into positive territory, further supported by the earning season volatility. It is also likely that the effect of post-Christmas discount shopping demand could have been felt by other clothing companies as well. Tiffany & CO is scheduled to report on the 13th of March, Prada is set to report earnings on the 15th of March.
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