Could not seem to find a T.A/Chart thread on KSS, so here it is, for those interested...
The great entry opportunity from last year is visible on the weekly chart above, but I will stick to the present...
KSS has today broken-out of a 55 day Symmetrical Triangle on good volume. The measured target is 0.83 I am long with a stop just below 0.640 for a 1:3 risk/reward ratio. Accidently only entered a half-position because I neglected to update my spreadsheet calculator from my last trade (oh well...). The Lighter blue, longer trend line, is what some might see as the neckline of a continuation type inverted H&S pattern, which would carry a slightly higher measured target. I have taken that of the Symmetrical Triangle as the H&S pattern is not ideal for a few reasons: 1.The neckline is not at the level of the Nov 2020 high (the best Continuation H&S usually don't have such a large retracement before their formation. 2.The Neckline is slanted & also against the direction of the trade. 3. Lack of symmetry between the shoulders in terms of size and duration. For these reasons I am wary of the validity of the pattern and have taken the lower target. Would like to see a close 0.695. GLTA
