TPR closes above its opening price after recovering from early selling pressure
Coach Inc. (TPR) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
TPR finished the month 0.6% higher at 13.36 after edging higher $0.06 (0.45%) today, slightly underperforming the S&P 500 (0.77%). Trading up to $0.24 lower after the open, the stock 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 missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (TPR as at Jul 31, 2020):
Friday's trading range has been $0.39 (2.93%), that's far below the last trading month's daily average range of $0.62. Weekly volatility is also lower, being slightly 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 Spinning Top, the Takuri Line and the Tweezer Bottom which are known as bullish patterns. The last time a Takuri Line showed up on July 8th, TPR actually lost -5.08% on the following trading day.
The share managed to close back above the 20-day moving average at 13.34. After having been unable to move lower than 13.05 in the prior session, the market found buyers again around the same price level today at 13.05.
Coach shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Tweezer Bottom" stand out. Its common bullish interpretation has been confirmed for Coach. Out of 8 times, TPR closed higher 75.00% 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 100.00% with an average market move of 7.92%.