After three days of persistent declines, Tapestry was flat yesterday

Yesterday at a glance: after dropping down to $41.89, the modern luxury accessories and lifestyle brands specialist recovers some losses and is currently trading at $42.91.

Uncertainty around Tapestry is reflected by published market data as United States Services PMI came out at 54.1, while a consensus of analysts was expecting 54. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 166,500, while the previous figure was 155,100. Fresh CFTC Gold speculative net positions data from United States came out at 163,000.

Technical chart analysis shows Tapestry Inc is approaching key support, around $1.52 away from $41.39. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend-focused traders would be interested to note that Tapestry made an initial breakout above its 21 day Simple Moving Average at $42.22, a potential indicator of a newly emerging bullish phase.

The current technical outlook indicates Tapestry will continue to ebb sideways within tight ranges for the immediate future.

Meanwhile, mixed performances were seen by other consumer discretionary stocks as Toyota closed at $153.38 (down 2.37%). Starbucks lost 2.49% yesterday and closed at $98.34. McDonald's went down 1.16%, closed at $293.3.

The modern luxury accessories and lifestyle brands specialist is up 50.97% from the significant low of $28.43 it hit 8 months ago.