On Monday, Tapestry got a positive adjustment to its Relative Strength (RS) Rating, from 83 to 91.
This exclusive rating from Investor's Business Daily measures market leadership with a 1 (worst) to 99 (best) score. The rating shows how a stock's price movement over the trailing 52 weeks holds up against all the other stocks in our database.
Decades of market research shows that the best stocks tend to have an 80 or higher RS Rating at the beginning of a new price run.
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Tapestry has moved more than 5% past a 44.63 entry in a first-stage double bottom, meaning it's now out of a proper buy range. Look for the stock to offer a new buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week moving average.
Tapestry reported negative growth for both sales and earnings last quarter. Tapestry is expected to release its next quarterly numbers on or around Nov. 7.
Tapestry holds the No. 3 rank among its peers in the Apparel-Clothing Manufacturing industry group. Gildan Activewear is the No. 1-ranked stock within the group.
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