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February 27, 2023
A quick look at today: Tapestry rallied 1.38% and ended the session at $43.19.
New United States Pending Home Sales improved upon the previous 1.1% figure while also exceeding analyst expectations with a reading of 8.1%.
Tapestry's uptick comes amid good United States macroeconomic data released during the day — United States Pending Home Sales improved upon its previous reading of 1.1% with a new data release of 8.1%. Data for United States Core Durable Goods Orders published today at 13:30 UTC came out at 0.7%, beating projections of 0.1% and showing improvement over the preceding figure of -0.4%.
At the same time, United States Core Durable Goods Orders fell short of the -4% projections, with new data of -4.5%.
Trend-following investors would be interested to note that despite posting gains on today, Tapestry Inc slid below its 5 day Simple Moving Average at $43.02 during the last session — an early indicator that a negative trend could be emerging. Asset volatility analysis shows that Tapestry's lower Bollinger Band® is at $42.03, indicating that the market is oversold and fertile for new buyers. A study of Tapestry's chart reveals various key levels to watch: Tapestry is 66 cents away from testing key resistance at $43.85. Peaking above this level could inspire market bulls and open the path to further gains.
All in all, the technical analysis suggests Tapestry has no clear-cut direction.
This rally in Tapestry's share price coincided with other consumer discretionary stocks as Tesla was up 5.46%. Lowe's was up 1.34%. Pinduoduo was up 2.72%.
Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released tomorrow at 15:00 UTC.
The modern luxury accessories and lifestyle brands specialist has fallen back around 8.62% over the past 26 days, from a notable high of $46.62.
