Tapestry, Inc. (formerly: Coach, Inc.) is a multinational luxury fashion holding company based in New York City, USA. The parent company owns three brands: Coach New York, Kate Spade New York and Stuart Weitzman. The stock of the company being a component of the S&P500 index can be traded under ticker $TPR at NYSE. Currently, we see cotton turning higher. Also, other soft commodities are moving up. Therefore, Tapestry being a heavy weight in the textile market should be a great opportunity for investors to diversify their portfolio by indirect investement in the rising prices of particularly soft commodities.
In the previous , we were providing next buying opportunity from 33.91-25.77 area. Now, reaction in 3 swings has happened already. Furthermore, we expect extension higher within a new cycle, Here, we provide an update discussing the targets.
Tapestry Monthly Elliott Wave Analysis 12.18.2022
The Monthly chart below shows the Tapestry shares $TPR traded at NYSE. First, the stock price has developed a leading diagonal higher in blue wave (I) of super cycle degree. It has printed the all- time highs in March of 2012 at 79.70. From the highs, a correction lower in blue wave (II) has unfolded as an Elliott wave . It has printed an important bottom in April of 2020 at 10.18. As a matter of fact, the stock price has lost 87% of its value in only 8 years.
From the lows of April 2020, a nest comprising red waves I and II might be in place. While above 26.39 lows, the red wave III is in progress and can reach towards 65.86-90.30 area and even higher.
Tapestry Daily Elliott Wave Analysis 12.18.2022
The daily chart below shows the consolidation lower in red wave II correcting the cycle in red wave I from April 2020. Also, we see first stages of a new cycle in red wave III. From the May 2021 highs, correction in wave II was developing as a double three correction. Based on the connector from November 2021 at 47.05, we have explained previously 33.91-25.77 area. The stock price has reached it and reacted already in 3 swings. Traders should have taken partial profit already and be risk-free. Now, main view is more extension higher.
Investors and traders should stay long from 33.91-25.77 area targeting 65.86-90.30 area in the medium term and 89.90-139.21 area and even higher in the long run.
Get more insights about Stocks and ETFs by . You’ll learn how to trade the market in the right side using the 3, 7 or 11 swings sequence. You will get access to our 78 instruments updated in 4 different time frames, Live Trading & Analysis Session done by our Expert Analysts every day, 24-hour chat room support and much more.
Source:-forecast.com/stock-market/tapestry-reacting-higher/
#elliottwave #trading #TPR
