Watch These Kohl’s Stock Price Levels as Retailer Becomes Latest Meme Play

Kohl’s Corp. (KSS) shares soared Tuesday in the absence of news on the retailer, a move reminiscent of the meme stock frenzy of 2021.

The shares likely received a boost from a short squeeze, given that nearly half of Kohl’s float is held by short sellers. Tuesday’s trading action echoed the meme-stock rally of four years ago, when Reddit users targeted heavily shorted retail stocks, including video game seller GameStop (GME) and movie theater chain AMC Entertainment (AMC).

Kohl’s shares closed 38% higher at $14.34 on Tuesday, its highest level since December. The stock, which more than doubled early in Tuesday’s session, has now inched back into positive territory for 2025.

Below, we take a closer look at Kohl’s weekly chart and use technical analysis to identify major price levels that tactical traders will likely be watching.

Volume Signals Meme-Driven Trading Activity

After bottoming out in early April, Kohl’s shares trended steadily higher before today’s pop. It’s worth pointing out that about 183 million shares traded hands by 2:20 p.m. ET on Tuesday, about 25 times the stock’s 25-day moving average volume, indicating meme-driven trading activity.

While the stock has rallied above the 50-week moving average, the relative strength index remains below overbought levels, providing ample room for further speculative buying.

Let’s identify three overhead areas on Kohl’s chart to watch if the buying frenzy continues and also locate a key support level worth monitoring amid the potential for profit-taking.

Overhead Areas to Watch

The first overhead area to watch sits around $29, This location finds a confluence of resistance from the nearby 200-week MA and a trendline that connects multiple peaks on the chart between June 2020 and April last year.

Buying above this area could spark a rally toward $45. The shares may run into selling pressure at this level near a series of troughs on the chart stretching from August 2019 to January 2022.

The next higher area to track lies at $64. A surge into this region would likely face significant resistance near several peaks that formed on the chart between March 2021 and April 2022.

Key Support Level Worth Monitoring

During volatile profit-taking events in the stock, investors should monitor the $11 level. Tactical traders could see this location a high probability “buy the dip” area near the 2020 pandemic low and a period of brief consolidation in February this year.

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As of the date this article was written, the author does not own any of the above securities.