Bullish on Tapestry Inc.
Tapestry (TPR, Tuesday's close US$79.91) traded in a large multi-year range mostly between US$26 and US$49 from 2021 to 2024 (dashed lines). The stock had a breakout from this range and reached a high of US$90.85 in February (A). However, Tapestry was overbought at that time and far above its 40-week Moving Average (40wMA ).
The stock then pulled back to its rising average and the rising trendline (solid line), where it found good support (B). Tapestry now appears ready to resume the uptrend (C). Only a sustained decline below the average (currently near US$65) would be negative.
Point & Figure measurements provide targets of US$88 and US$94. The large trading range (dashed lines) supports higher targets.
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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