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Can These 2 Hot Stocks Continue To Rise In November?

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Can These 2 Hot Stocks Continue To Rise In November?

Shares of Kate Spade and Coach parent company Tapestry Inc (NYSE: TPR) notched a strong return in October and the momentum can be sustained through November, according to Piper Sandler Chief Market Technician Craig Johnson.

Tapestry's Chart: Tapestry's stock benefited in October from a beat-and-raise earnings report and came at an opportune time after a downward trend started to form two years ago.

Taking a look at the chart shows the next resistance level at around $28 per share, Johnson said on CNBC's "Trading Nation." As such, the stock has an upside potential north of 20% from current prices.

See Also: Ford Vs. General Electric: The Blue Chip Race Back To $10

General Electric Not A Buy: Shares of General Electric Company (NYSE: GE) rallied throughout October and comes after a few months of softness, Simpler Trading Director of Options Danielle Shay also said on "Trading Nation." Specifically, the stock gained nearly 20% in October but the rally could come to an end based on some of the technicals.

Taking a look at the chart shows General Electric's stock merely rallied into the 200 simple periods moving average. In fact, the stock is down around 34% since the start of 2020.

"So for me, that looks like a short," she said. "It looks like a great place where I could sell some call credit spreads on this rally."

 

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Posted-In: CNBC Craig Johnson Danielle ShayAnalyst Color Short Ideas Technicals Media Trading Ideas Best of Benzinga

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