| 
April 28, 2023
As the session comes to an end, the luxury fashion company recovers back to $40.74 after dipping down to $40.22 earlier.
This uncertain state for Tapestry is reflected by published market data as United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3. Following a previous reading of 0.8%, Pending Home Sales in United States released yesterday at 14:00 UTC fell short of the 0.5% figure expected by analysts with an actual reading of -5.2%. Following a previous reading of 2.6, GDP in United States released yesterday at 12:30 UTC fell short of the two figure expected by analysts with an actual reading of 1.1.
As the trading day comes to an end, chart analysis indicates Tapestry Inc is approaching key support, around 61 cents away from $40.13. 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. Trend-focused traders would be interested to note that Tapestry made an initial break below its 3 day Simple Moving Average at $40.41, a possible indication of a forthcoming negative trend. Tapestry formed a session range of $40.22 to $40.92 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $40.55. According to asset volatility analysis, Tapestry's upper Bollinger Band® is at $43.4 and the lower is $39.65.
All in all, the technical analysis suggests Tapestry has no clear-cut direction.
Meanwhile, mixed performances are seen in other consumer discretionary stocks as Amazon is down 3.35% from the beginning of the session and now trades around $106.14. Walt Disney is up 2.43%. Home Depot is trading at $299.12 after ending yesterday's session at $293.93 (up 1.77%).
Pointing downwards for around 2 months. The modern luxury accessories and lifestyle brands specialist has fallen back around 12.38% from the significant high of $46.62 set 2 months ago.
