There is no denying that the leading handbag and accessories retailer Coach Inc (NYSE:COH) stock price is in a confirmed downtrend on the charts. This stock peaked out in March 2012 at $79.70 a share and has been sliding lower ever since that top was made. Today, Coach Inc stock is trading lower by 0.93 cents to $39.10 a share. This stock is getting very oversold according to the charts in the near term. Swing traders should now watch for daily and weekly chart support around the $37.50 level. This was an area where Coach Inc stock staged a breakout in 2010. Often, old break-out levels will serve as new support levels when retested, that should be the case with this stock.