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June 18, 2023
A quick look at Friday: without a clear direction, Tapestry closed at $43.37 while ranging between $43.15 and $43.95.
Tapestry Inc made an initial break below its 5 day Simple Moving Average at $43.25, a possible indication of a forthcoming negative trend. Tapestry's upper Bollinger Band® is at $44.51, suggesting that a downward move may follow. In contrast, Tapestry is approaching key support, around 34 cents away from $43.03. 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.
Despite the market lacking direction, technical chart analysis strongly suggests Tapestry is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Toyota went down to $164.35, losing 2.28% after it closed at $168.18 Friday. Walt Disney went down 1.74%, closed at $92.94. Nike added 1.05% to its value, and traded at $113.59.
Tapestry hit a significant low of $28.43 around 8 months ago, but has since recovered 52.8%.
