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Tapestry Stock Could Overcome Technical Resistance

·1 min read

Tapestry Inc (NYSE:TPR) is down 1.9% at $36.21 at last check, after Jefferies raised the stock's price target to $47 from $45, following the company's Investor Day, where it detailed three-year targets that were above analysts' expectations. Additionally, it looks as though the equity's rally may have legs, given TPR recently approached a trendline with historically bullish implications. This could help the shares overcome a long-term ceiling at the $37.50 region and trim its 10.8% year-to-date deficit.

 

According to Schaeffer's Senior Quantitative Analyst Rocky White's latest study, TPR is now within one standard deviation of its 40-day moving average. The security has seen five similar signals over the last three years, and was higher one month later 80% of the time, averaging a 7.9% gain for that period. A comparable move from its current perch would place it over the $39 level for the first time since March.

 

TPR 40 Day
TPR 40 Day

Options look like a solid route as premiums are looking affordable right now. The security's Schaeffer's Volatility Index (SVI) of 39% stands higher than just 13% of readings from the past 12 months. In other words, these players are pricing in low volatility expectations right now.