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March 09, 2023
A quick look at yesterday: after ending yesterday at $43.04, the modern luxury accessories and lifestyle brands specialist recovers back to $43.13 after dipping down to $42.59 earlier today.
United States Initial Jobless Claims is next.
Tapestry's state is reflected by market data as United States Crude Oil Inventories fell short of the 395,000 projections, with new data of -1.69 million. United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million. United States ADP Nonfarm Employment Change (Feb) released yesterday at 13:15 UTC with a figure of 242,000, while the previous figure was 119,000.
Chart analysis indicates Tapestry Inc is approaching key support, around 46 cents away from $42.67. 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-following investors would be interested to note that Tapestry made an initial break below its 50 day Simple Moving Average at $42.71, a possible indication of a forthcoming negative trend. Yesterday's price action generated a Japanese candlestick pattern showing 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Analysis based on the asset volatility indicates that Tapestry's upper Bollinger Band® is at $45.59 and the lower is $42.
The current technical outlook indicates Tapestry will continue to ebb sideways within tight ranges for the immediate future.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Lowe's added 1.89% to its value, and traded at $201.14. Tesla slips 3.04% yesterday to close at $187.71. Alibaba withdraws 2% yesterday to close at $88.73.
Data to be released today might clear up some of the market fog as tomorrow at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 205,000 from the preceding figure of 517,000. United States Initial Jobless Claims projected to come out at 195,000 — worse than previous data of 190,000; data will be released today at 13:30 UTC. United States Unemployment Rate is expected tomorrow at 13:30 UTC.
Pointing downwards for around a month. The modern luxury accessories and lifestyle brands specialist is now trading 7.68% below the significant high of $46.62 it set around a month ago.
