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May 04, 2023
Tapestry ended yesterday's session at $38.96 and lost 82 cents today, leading it to trade below the $39 level for the first time in 3 months.
Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 240,000. Potentially significant price fluctuations in Tapestry are expected to follow.
United States Crude Oil Inventories released earlier showed a marked improvement to -1.28 million from the preceding data of -5 million, but fell short of the -1.1 million figure forecast by a consensus of market analysts.
Meanwhile, United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was five. United States ISM Non-Manufacturing PMI (Apr) came out at 51.9, while a consensus of analysts was expecting 51.8.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Tapestry's lower Bollinger Band® is at $38.85, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Chart analysis indicates Tapestry could begin to recover as it approaches significant support, now 30 cents away from $38.66. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Tapestry will remain range-bound for the immediate future.
Tapestry was not the only decliner in the consumer discretionary sector; Starbucks closed at $103.96 (down 9.17%). McDonald's slides down 0.96% yesterday to close at $298.07.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Toyota gained 0.3%, as it traded at $135.57.
Looking ahead, ongoing depreciation may be prolonged as United States Non Farm Payrolls projected to come out at 180,000 — worse than previous data of 236,000; data will be released tomorrow at 12:30 UTC. United States Initial Jobless Claims expected to decline to 240,000 while its preceding data was 230,000, data will be available today at 12:30 UTC. Projections for United States Unemployment Rate are set for a continuation of decline with 3.6 while previous data was 3.5; data will be released tomorrow at 12:30 UTC.
Pointing downwards for around 2 months. The modern luxury accessories and lifestyle brands specialist is now trading 15.24% below its 3-month high of $46.62.
