| 
March 13, 2023
The luxury fashion company dropped to its lowest point in 2 months at $39.75. It later recovered $1.12 and trades at $40.87.
Meanwhile, United States Participation Rate (Feb) released today at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.
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. A crossing of the lower Bollinger Band® at $40.92 suggests further losses may follow for Tapestry. On the other hand, note that although Tapestry is down today and was as low as $39.75, it seems to be recovering slightly and climbing away from the $40.07 support line and is now 80 cents above it.
In the short term, Tapestry is expected to maintain its recent downtrend and continue spiralling lower.
Tapestry was not the only decliner in the consumer discretionary sector; Walt Disney retreats 1.04% today to close at $93.57.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Pinduoduo gained 6.35%, as it traded at $91.17. Amazon traded at $92.43 after closing today's trading day at $90.73 (up 1.87%).
Furthermore, United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC. United States Consumer Price Index figure is projected at 6%. It previously stood at 6.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.
On a negative trend for around a month. Approximately a month ago, the modern luxury accessories and lifestyle brands specialist reached a significant high of $46.62 but has struggled to hold onto its gains and declined 11.28% since then.
