TPR pushes through prior session high


Tapestry, Inc. (TPR) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
TPR dominated by bulls lifting the market higher throughout the day
TPR finds buyers at key support level
TPR finds support at 20-day moving average
TPR closes higher for the 4th day in a row
TPR ends the day on a bullish note closing near the high of the day
TQ Sentiment
Report Sentiment: 62% Bullish
Technical Forecast:
Overview

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 chart for TPR
Volatility

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.

Support/Resistance

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.

Trend

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Further buying could move prices higher should the market test July's nearby high at 48.76.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a bullish sentiment.

Market Conditions for Tapestry, Inc.
Condition Forecast Direction Win Avg Worst Best Events
Golden Cross TQ Pro Members Only
Bearish Spinning Top TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

TPR closes within previous day's range

Aug 15, 2018
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