TPR closes above its opening price after recovering from early selling pressure
Coach Inc. (TPR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
TPR ended the month -2.35% lower at 13.28 after edging lower $0.07 (-0.52%) today, notably underperforming the S&P 500 (1.54%). Trading up to $0.23 lower after the open, Coach managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (TPR as at Jun 30, 2020):
Tuesday's trading range has been $0.55 (4.17%), that's below the last trading month's daily average range of $0.83. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TPR.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on June 26th, TPR gained 6.37% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 14.07 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 12.30 where further sell stops might get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Coach. Out of 417 times, TPR closed lower 54.20% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 50.84% with an average market move of -0.56%.