Capri Holdings boosted by positive technical pattern - Analysis - 02-06-2022

Capri Holdings' stock (CPRI) kept rising in the intraday levels after reporting a profit of $1.02, passing estimates of 83 cents, on sales of $1.49 billion, beating estimates of $1.41 billion, while announcing a buy-back plan of $1 billion, with the stock marking a profit of 1.09%, or 53 cents, settling at 49.27, with trading volumes surpassing 5 million shares, above 10-day averages of 3 million shares. 

Technically, the stock is exiting a positive pattern that formed in the short term, shaking off negative pressure from the 50-day SMA, with negative signals from the RSI after reaching overbought levels. 

Therefore we expect the stock to rise and target the important resistance of 57.98, provided the support of 45.50 holds on.

https://bit.ly/PacificAccount

Expected trend for today: Bullish