Ralph Lauren Corp Engages in the design, marketing and distribution of premium lifestyle products which include apparel, accessories, home furnishings and others. They have been a strong brand which was founded in 1967 which began selling ties. They have now managed to become a global brand and have a mission to inspire the dream of a better life through authenticity and timeless style.
Their share price declined just under 10% today as they announced their most recent results. Their revenue was slightly up and largely the rest of the results appeared to be relatively sound. The one concern that was brought to attention was that the impact of the pandemic may still be around and impact the finances even into 2022. This may have led several investors to take some of their profits as Ralph Lauren Corp has seen some significant growth over the past year, increasing approximately 63% over the period.
The shares appear to have been trading within an ascending channel which has been present throughout the past year. Tomorrow we will see where the latest candle will form as it closes the week. They are also currently trading in the middle of the 50% and 38.2% Fibonacci levels which has show previous support around this level, demonstrated by the dashed blue line.
It will be interesting to see where this candle closes tomorrow. If we see a bit of a rebound and the candle closes within the ascending channel level and above the 50% level, then we may see a continuation of the upward momentum. Although, if the shares close below this level, then we may see a shift in the price movements towards the negative side. One we will be keeping a close eye on over the coming days and weeks.