Tapestry bulls in charge as markets close for Memorial Day

Investors are currently sidelined due to the Memorial Day holiday but will return to their desks tomorrow. Looking back over the previous session Friday: ending Thursday at $40.7, the luxury fashion company rallied 2.43% Friday and stayed at the $41.69 level.

Tapestry Inc made an initial breakout above its 50 day Simple Moving Average at $41.12, a potential indicator of a newly emerging bullish phase. On the other hand, note that Tapestry could be slowing down soon as it approaches resistance at $42.16. Of course, crossing it might suggest further gains are ahead.

Overall, looking at the technical analysis landscape, it seems Tapestry might continue pointing upwards in the short term.

A look at other consumer discretionary stocks also showed bullish price action as Amazon added 4.44% to its value, and traded at $120.11. Tesla added 4.72% to its value, and traded at $193.17. Lowe's traded at $206.52 after closing Friday's trading day at $201.04 (up 2.73%).

Furthermore, the market is looking at United States Consumer Confidence expected to decline to 99 while its preceding data was 101.3, data will be available tomorrow at 14:00 UTC.

Tapestry hit a significant low of $28.43 around 7 months ago, but has since recovered 43.16%.