$TPR Tapestry, Inc. - Possible Cup & Handle Forming on the Daily Chart
Bullish hammer today on the daily chart, bouncing off support just above $16. Resistance level up above at about $18.10 - anticipating a move back to this level near term with an eventual breakthrough sometime in October. Once we get a close above $18.10, expect a strong move to follow.
Near term price target: $20.00-$21.00 range by mid-Oct
Adding to the bullish sentiment, there was also some unusual bullish options activity with 3k $17.50 strike (out-of-the-money) May'2021 calls traded today vs open interest <400 or about 9x OI for total premium of ~$850K.
Note: This is NOT investment advice.
Bullish hammer today on the daily chart, bouncing off support just above $16. Resistance level up above at about $18.10 - anticipating a move back to this level near term with an eventual breakthrough sometime in October. Once we get a close above $18.10, expect a strong move to follow.
Near term price target: $20.00-$21.00 range by mid-Oct
Adding to the bullish sentiment, there was also some unusual bullish options activity with 3k $17.50 strike (out-of-the-money) May'2021 calls traded today vs open interest <400 or about 9x OI for total premium of ~$850K.
Note: This is NOT investment advice.