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June 04, 2023
A quick look at Friday: Tapestry ended Thursday's session at $39.73. Friday started with an increase to $42.42, but dropped back and closed at $42.4.
Tapestry Inc made an initial breakout above its 50 day Simple Moving Average at $41.07, a potential indicator of a newly emerging bullish phase. Despite this, Tapestry could be slowing down soon as it approaches resistance at $43. 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 Toyota traded at $146 after closing Friday's trading day at $140.65 (up 3.8%). Nike was up 4.35%. Walt Disney added 2.46% to its value, and traded at $90.77.
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (May) will be released tomorrow at 14:00 UTC. United States Services PMI figure is projected at 55.1. It previously stood at 55.1; data will be released tomorrow at 13:45 UTC.
The modern luxury accessories and lifestyle brands specialist reached a significant high of $46.62 around 4 months ago but has lost 14.78% since then.
