Luxury goods retailer Tapestry (TPR) recently returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time since April of 2018. Yesterday the shares climbed 31 spots to 71st place and they have moved up 81 spots in the last month. Tapestry (TPR) shares have been under renewed accumulation since bottoming out near $10.00 back in April. Since then a rising trend of higher lows has emerged. Recently, the shares completed a major breakout clearing $18.00, which completed a bullish Ascending Triangle base. Currently the shares are testing $20.00, and a close above that level would confirm the start of a new uptrend. Next potential upside resistance after that appears in the $24.00 to $26.00 range where multiple measured moves, previous support/resistance and the $25.00 round number cluster. Initial support appears near the $18.00 recent breakout point.
A major breakout is underway in Tapestry (TRP) shares. A long-term downtrend bottomed out back in March and following a spring rebound, the shares spent the summer consolidating and base building. Yesterday, the shares broke out over $18.70, completing a bullish Spread Triple Top pattern and signaling the start of a new advance.
Initial upside resistance appears between $21.45 and $22.35 where vertical/horizontal counts and a downtrend line test converge, followed by $24.15 based on a vertical count. Initial support appears in the $18.30 to $18.70 zone where a 3-box reversal, prior column low and recent breakout point cluster.
With a perfect SMAX score of 10, TPR is exhibiting near-term strength against the asset classes.
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