Bearish rising wedge setup for LVMH has forming since early 2011. It also hasn’t been able to clear weekly RSI of 65. Short term resistance/support is 134.9/129. Mid term, 120 at 38.2% fib extension is good entry if the wedge breaks down. Lower mid term support is 111.

If it does clear 143 & stays above, next target is around 167, but Im currently on the bear camp. Maybe they should buy Michael Kors…



LVMH update

Since I posted on LVMH setting up for a breakout 3 weeks back, it has broken out & gained 7%. Daily RSI is overbought but weekly isn’t. Unless there’s more positive news coming out soon, its likely to be of limited upside & faded. Short term resistance/support is 143/136.

I’m expecting an Xmas rally so its good to take profit at 143.


LVMH – breakout priming

LVMH has been doing relatively well but has faced major resistance at 135, testing that level twice. Positive RSI divergence plus a rising support is helping it along. Short term support levels of 120 then stronger at 110. Barring a global slowdown, upside target is 160 if it breaks out & stays above 135. Its 161.8% fib extension at about 190 is a longer term goal.