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May 14, 2023
A quick look at Friday: the modern luxury accessories and lifestyle brands specialist went up to $41.18, gaining 2.41%.
Tapestry Inc made an initial breakout above its 50 day Simple Moving Average at $41.15, a potential indicator of a newly emerging bullish phase. Tapestry is currently trading around the $40.58 Fibonacci resistance level. Despite this, Tapestry could be slowing down soon; it is getting close to the resistance line and is now at $41.59, only 41 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Tapestry might continue pointing upwards in the short term.
Tapestry went up Friday, yet these consumer discretionary stocks did not follow — Alibaba closed at $85.34 (down 2.9%). Nike closed at $120.21 (down 1.64%). Amazon lost 1.71% Friday and closed at $110.26.
The luxury fashion company is now trading 13.75% below the significant high of $46.62 it set around 3 months ago.
