$PVH going down is this a sign for $XLY to follow suit

Dec 29, 2022PVH is a company that brings you the brands like Tommy Hilfiger for example. I am looking for this to head back to the down side as we are starting to get into the new year.

Bullish case: crossing above the psychological level of 70 this will make some noise as we are currently in high low territory. If there is a strong amount of support, it will retest 72 and 77 levels.

Bearish case: My general thesis, after breaking this support that imbalance candle could lead it into 64-65 level before a retracement. With all indicators pointing to the downside here, I think this is the most probable situation.

Jan 4, 2023

Comment

The moment it retested the down trend so quickly after testing it earlier signaled the end.