As we’ve mentioned, several stocks have been surging toward new highs.
They’ve shaken off the bearish start to the new year and are charging upwards.
One of those stocks is Tapestry, a maker of handbags and accessories for men and women.
Here’s the chart:
The start of the new year showed a slight pause in TPR’s ascent, but it has rebounded very strongly.
Plus it’s in one of the top 20 hottest sectors in the world right now.
Plus it’s nearing an all-time high.
If it breaks through $47.05, it could make a big move.
We’ll keep an eye on it.
Happy trading,
— Scott Welsh
P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The chart above uses weekly candles and a 30 week simple moving average. For details on this method, see my explanation on this Ask The Pros episode starting at timestamp 20:45.
