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April 15, 2023
A quick look at yesterday: Tapestry recovered from the previous trading session's losses and went up to $42.13 yesterday after it traded lower at $41.73.
Tapestry's uptick comes amid disappointing United States macroeconomic data released during the session – highly important Core Retail Sales data from United States beat analyst expectations of -0.3% with a reading of -0.8%. Data from United States concerning Retail Sales was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of -0.2% to -1% this month.
Meanwhile, United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.
Tapestry's notable support and resistance levels: after reaching the known resistance zone beginning at $42.75, Tapestry Inc price action retreated approximately 62 cents. With regards to technical trend indicators, chart analysis show that Tapestry made an initial breakout above its 50 day Simple Moving Average at $42.74, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $43.1, thereby suggesting that Tapestry is becoming overvalued.
Overall, while Tapestry has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
While Tapestry was bullish yesterday, the following consumer discretionary stocks underperformed: Toyota went down to $135.96, losing 0.93% after it closed at $137.23 yesterday. Alibaba went down to $94.55, losing 1.68% after it closed at $96.17 yesterday. Walt Disney closed at $99.9 (down 0.93%).
Pointing downwards for around 2 months. The modern luxury accessories and lifestyle brands specialist has appreciated 39.44% over the past six months.
