Michael Kors $KORS has been bullish since May 2017 after price held above $32 a share. Price recently tagged $76 after a bullish breakout, which suggests further upside. We saw this breakout and suggested anticipating a pullback to the $68-$70 area.Breakout and Pullback in Michael Kors Holdings (KORS)KORS Daily Chart(click to enlarge)Support Factors:- Price dug a little lower to $66 before finding support.- Even though it didn't respect the previous resistance at $69.90 as support, respecting the 200-day simple moving average (SMA) as it did was a key signal for the bullish outlook.- Also note that the RSI is near 30. In a bullish market, if the RSI is below 30, we can say the market is oversold.- Finally, note that price is holding above the middle of the previous range. - As long as price holds above $64, I think the bullish breakout is still valid.Reward to Risk:- Let's say our stop is at $63 and our target is $80, which is a conservative target considering we are in a bullish trend. $85 would be a slightly more aggressive but valid target, but $100 might be too aggressive at the moment.- If the entry is $68, then we have a $17:$5 reward to risk. This is better than 3:1, a good R:R profile especially when trading in the direction of the prevailing trend. KORS Weekly Chart(click to enlarge)The latest news on KORS:Michael Kors is preparing to acquire Versace. The announcement on Monday (9/24) matched the 8.2% dip that brought price back into the previous range. KORS is trying to maintain its luxury status, but the initial dip obviously suggests some investors are not convinced. For me, the overall market is still bullish on KORS (unless share price falls below $64). Read More: Michael Kors has fought to reclaim a high-end image — but is it ready to run Versace? (MarketWatch.com)