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May 10, 2023
A quick look at yesterday: an influx of sellers pushed the luxury fashion company to session lows around $37.37 while establishing a $37.37 to $38.47 session range yesterday.
Amid the market gloom, United States API Weekly Crude Oil Stock came out at 3.62 million, while a consensus of analysts was expecting -1.6 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.695, while the previous figure was 3.81.
Analysis of Tapestry's recent price action suggests Tapestry Inc could begin to recover as it approaches significant support, now $1.34 away from $36.95. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Tapestry's lower Bollinger Band® is at $37.43, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests Tapestry is likely to remain muted for the immediate future, with no clear-cut direction.
Tapestry was not the only decliner in the consumer discretionary sector; Nike lost 1.4% yesterday and closed at $125.1.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Toyota added 2.21% to its value, and traded at $140.85. Lowe's traded at $207.12 after closing yesterday's trading day at $204.05 (up 1.5%).
In addition, United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -917,000. It previously stood at -1.28 million; data will be released today at 14:30 UTC.
Furthermore, United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.1%; data will be released today at 12:30 UTC.
Trending downwards for around 3 months. 3 months ago the modern luxury accessories and lifestyle brands specialist reached a significant high of $46.62 but has consequently lost 17.52% since then.
