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April 19, 2023
A quick look at yesterday: an influx of buyers helped the luxury fashion company to end the session higher around $42.12, while establishing a $41.47 to $42.26 session range yesterday.
United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected decline to -1 million.
Meanwhile, United States Building Permits (Mar) released yesterday at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States API Weekly Crude Oil Stock came out at -2.67 million, while a consensus of analysts was expecting -2.46 million. Housing Starts in United States fell short of market expectations (0.4%) with a reading of -0.8%, continuing the decline from the previous figure of 7.3%.
Despite posting gains on yesterday, Tapestry Inc slid below its 5 day Simple Moving Average at $41.53 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $43.16, thereby suggesting that Tapestry is becoming overvalued. Tapestry could be slowing down soon; it is getting close to the resistance line and is now at $42.43, only 31 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. On the other hand, note that Tapestry formed a session range of $41.47 to $42.26 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $42.05.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Tapestry is set for a reversal in the coming days.
A look at other consumer discretionary stocks also showed bullish price action as Lowe's traded at $208.1 after closing yesterday's trading day at $205 (up 1.51%). Home Depot was up 1.2%. McDonald's traded at $290.91 after closing yesterday's trading day at $289.31 (up 0.55%).
Furthermore, the market is looking at United States Crude Oil Inventories projected to come out at -1 million — worse than previous data of 597,000; data will be released today at 14:30 UTC.
Furthermore, the market is looking at United States Philadelphia Fed Manufacturing Index (Apr) is scheduled for tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) will be released tomorrow at 14:00 UTC.
Trending downwards for around 2 months. The modern luxury accessories and lifestyle brands specialist has fallen back around 11.09% from the significant high of $46.62 set 2 months ago.
