TPR closes lower for the 3rd day in a row
Coach Inc. (TPR) Technical Analysis Report for Mar 31, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, TPR ended the month -44.78% lower at 12.95 after edging lower $0.26 (-1.97%) today, slightly underperforming the S&P 500 (-1.6%). Trading $0.69 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (TPR as at Mar 31, 2020):
Tuesday's trading range has been $0.87 (6.71%), that's far below the last trading month's daily average range of $1.72. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TPR.
Three candlestick patterns are matching today's price action, the Bullish Doji Star and the Southern Doji which are both known as bullish patterns and one neutral pattern, the Doji.
Prices are trading close to the key technical resistance level at 13.95 (R1). Coach found buyers again today around 12.78 for the third trading day in a row after having found demand at 12.89 in the previous session and at 13.06 two days ago. The last time this happened on February 21st, TPR actually lost -8.72% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Doji Star" stand out. Its common bullish interpretation has been confirmed for Coach. Out of 5 times, TPR closed higher 60.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.00% with an average market move of 1.13%.