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June 14, 2023
A quick look at yesterday: Tapestry spiked to $43.92 yesterday and consolidated before initiating a fresh rally to $43.27. This comes following Monday's session in which it closed at $43.2.
United States Producer Price Index is next today at 12:30 UTC.
This uncertain state for Tapestry is reflected by published market data as United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 4%, while a consensus of analysts was expecting 4.1%. United States Core Consumer Prices came out at 0.4%, while a consensus of analysts was expecting 0.4%.
Tapestry Inc's upper Bollinger Band® is at $44.54, suggesting that a downward move may follow. In contrast, Tapestry is approaching key support, around 31 cents away from $42.96. 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.
Despite the market lacking direction, technical chart analysis strongly suggests Tapestry is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Toyota added 5.68% to its value, and traded at $158.08. Tesla added 3.55% to its value, and traded at $258.71. Lowe's was up 1.87%.
Data to be released today might clear up some of the market fog as United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million, having previously been at -451,000. The figure will be published today at 14:30 UTC. United States Producer Price Index projected to come out at -0.1% — worse than previous data of 0.2%; data will be released today at 12:30 UTC. United States Retail Sales projected to decline to -0.1% while previous data was 0.4%; data will be released tomorrow at 12:30 UTC.
8 months ago, the modern luxury accessories and lifestyle brands specialist fell to a low of $28.43 but has since recovered 51.95%.
