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March 04, 2023
Yesterday at a glance: Tapestry ended Thursday at $43.87. yesterday it went up to $44.51 only to drop back, yet still managed to close at $44.47.
Meanwhile, United States ISM Non-Manufacturing PMI (Feb) came out at 55.1, while a consensus of analysts was expecting 54.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 224,200, while the previous figure was 243,800. Fresh CFTC Gold speculative net positions data from United States came out at 128,800.
Visual analysis of Tapestry's chart shows that Tapestry Inc could be slowing down soon as it approaches resistance at $44.77. Of course, crossing it might suggest further gains are ahead. Trend-focused traders would be interested to note that Tapestry made an initial breakout above its 21 day Simple Moving Average at $44.33, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $45.88, thereby suggesting that Tapestry is becoming overvalued.
Notwithstanding Tapestry's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Tapestry's share price coincided with other consumer discretionary stocks as Amazon was up 3%. Walt Disney gained 2.24%, as it traded at $101.14. Toyota added 1.86% to its value, and traded at $139.83.
Trending downwards for around 30 days. The luxury fashion company has gained 14.75% since its lowest print of $26.52 earlier this year.
