Tapestry Squeezes Before Retail Sales
Tapestry had a big rally in the first quarter and has been consolidating since. Now some traders may see potential for a move to the upside.
The first pattern on today’s chart is the January low of $35.26. The retailer tested and held that level in early August, which may suggest that support is in place.
Next, a trio of bullish candles after the most recent earnings reports may reflect improving fundamentals.
Third is the series of lower highs since the beginning of the second quarter. TPR is now challenging resistance at that falling trendline.
Fourth, the 50-day simple moving average (SMA) is near the 100- and 200-day SMAs. Bollinger Bandwidth has also narrowed. Are prices set to move again after such tight and listless action?
Finally, MACD has turned positive in the last month.
Traders may consider these points with retail sales due tomorrow and the year-end shopping season coming into view.
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The first pattern on today’s chart is the January low of $35.26. The retailer tested and held that level in early August, which may suggest that support is in place.
Next, a trio of bullish candles after the most recent earnings reports may reflect improving fundamentals.
Third is the series of lower highs since the beginning of the second quarter. TPR is now challenging resistance at that falling trendline.
Fourth, the 50-day simple moving average (SMA) is near the 100- and 200-day SMAs. Bollinger Bandwidth has also narrowed. Are prices set to move again after such tight and listless action?
Finally, MACD has turned positive in the last month.
Traders may consider these points with retail sales due tomorrow and the year-end shopping season coming into view.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit https://www.TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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