Burlington Stores Inc (NYSE: BURL)

Burlington Stores, Inc. operates as a retailer of branded apparel products in the United States. The company provides fashion-focused merchandise, such as women’s ready-to-wear apparel, menswear, youth apparel, baby products, footwear, accessories, home goods, and coats. As of February 1, 2014, it operated 521 stores, including an Internet store in 44 states and Puerto Rico.
Take a look at the 1-year chart of Burlington (NYSE: BURL) below with my added notations:

BURL has been trending steadily higher for most of the last year. On top of that, the stock has formed an important trend line of support (blue) since July. Always remember, any (2) points can start a trend line, but it’s the 3rd test and beyond that confirm its importance. BURL obviously has an important trendline of support, which currently sits just below $46.

The Tale of the Tape: BURL is currently bouncing on a trendline of support. A pullback down to the trendline would be an opportunity to enter a long position on the stock. Short traders might look to enter a trade if the stock were to break support.
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