TPR pushes through prior session high
Tapestry, Inc. (TPR) Technical Analysis Report for Aug 10, 2018
Moving higher for the 4th day in a row, TPR finished the week 3.01% higher at 47.93 after gaining $0.39 (0.82%) today. Today's closing price of 47.93 marks the highest close since July 26th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 47.75, Tapestry, Inc. confirms its breakout through the prior session's high having traded $0.31 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (TPR as at Aug 10, 2018):
Friday's trading range was $0.92 (1.94%), that's slightly below last trading month's daily average range of $0.95. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly below average.
After trading as low as 47.14 during the day, the stock bounced off the key support level at 47.15. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 48.76. After trading as low as 47.14 during the day, the share found support at the 20-day moving average at 47.29.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Further buying could move prices higher should the market test July's nearby high at 48.76.