AI
Tuesday, May 01, 2018 12:18:28 PM
Tapestry Sinks After Earnings, Here Is The Trade
Tapestry Inc (NYSE:TPR), formerly known as Coach Inc, is a leading design house of luxury and lifestyle collections. The company's brands include Coach, Kate Spade, and Stuart Weitzman. Earlier today, the company reported earnings and the stock is plunging lower on the news. Yesterday, the stock closed at $53.77 a share ahead of the earnings announcement. Today. TPR stock is trading at $47.35 a share which is a 12.0 percent decline. Traders should note that the stock is now trading below it's important 50 and 100-day moving averages. This is a very negative sign for the equity and likely indicates lower prices ahead. Traders and investors must now watch the $42.00 area as the next major support level. This is where the stock broke out of a bearish base in December 2017. Very often, when a stock back tests a major break out level it will be excellent support again.
Nicholas Santiago
InTheMoneyStocks
Tapestry Inc (NYSE:TPR), formerly known as Coach Inc, is a leading design house of luxury and lifestyle collections. The company's brands include Coach, Kate Spade, and Stuart Weitzman. Earlier today, the company reported earnings and the stock is plunging lower on the news. Yesterday, the stock closed at $53.77 a share ahead of the earnings announcement. Today. TPR stock is trading at $47.35 a share which is a 12.0 percent decline. Traders should note that the stock is now trading below it's important 50 and 100-day moving averages. This is a very negative sign for the equity and likely indicates lower prices ahead. Traders and investors must now watch the $42.00 area as the next major support level. This is where the stock broke out of a bearish base in December 2017. Very often, when a stock back tests a major break out level it will be excellent support again.
Nicholas Santiago
InTheMoneyStocks
