Relative Strength Specialty Retailer Builds Bull Flag
Urban Outfitters (URBN) shares are triggering bullish MACD cross after popping above the monthly POC and its 8 EMA last week following a solid earnings report. A breakout above 58 now likely can move to new highs over 60-61 as the retailer continues to show relative strength in a volatile market. URBN saw buyers last week for over 3000 March $55 calls at $2.40 that added to existing open interest from December and now over 4800x total in OI. URBN has one of the stronger charts in the specialty retail group and a close over 61 would be all-time new highs with blue sky territory above.