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April 24, 2023
A quick look at Friday: an influx of sellers pushed the luxury fashion company to session lows around $41.81 while establishing a $41.81 to $42.25 session range Friday.
Tapestry Inc is currently flirting with an active Fibonacci support level around $42.05. Tapestry's upper Bollinger Band® is at $43.37 which indicates a further downward move may follow. In contrast, Tapestry could begin to recover as it approaches significant support, now 17 cents away from $41.71. Dipping below could be an indication that further losses are ahead.
Looking forward, Tapestry is poised to extend its strong downtrend and continue declining.
Tapestry was not the only decliner in the consumer discretionary sector; Alibaba went down 1.77%, closed at $90.74.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Amazon was up 3.03%. Walt Disney was up 1.53%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Consumer Confidence projected to come out at 104 — worse than previous data of 104.2; data will be released tomorrow at 14:00 UTC.
Furthermore, United States Building Permits is expected tomorrow at 13:30 UTC. United States New Home Sales (Mar) scheduled to come out tomorrow at 14:00 UTC.
Pointing downwards for around 2 months. The modern luxury accessories and lifestyle brands specialist has appreciated 37.48% over the past six months.
