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April 06, 2023
Yesterday at a glance: the luxury fashion company hovered around the $40.49 level after closing Tuesday at $42.16 and shedding 3.96%, as it reached reached yesterday's session close.
Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 200,000. Potentially significant price fluctuations in Tapestry are expected to follow.
United States Crude Oil Inventories fell short of the -2.33 million projections, with new data of -3.74 million.
While price action maintains a negative bias, United States ISM Non-Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1. United States ADP Nonfarm Employment Change (Mar) came out at 145,000, while a consensus of analysts was expecting 200,000.
Chart analysis suggests Tapestry Inc could begin to recover as it approaches significant support, now 6 cents away from $40.43. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, Tapestry made an initial break below its 21 day Simple Moving Average at $41.54, a possible indication of a forthcoming negative trend. Having stamped out a session range of $40.35 to $42, Fibonacci-inclined Tapestry traders were highly concentrated around active Fibonacci support at $40.55. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $39.73, a low enough level to, generally, suggest that Tapestry is trading below its fair value.
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; Amazon falls 2.74% yesterday to close at $103.95. Nike closed at $120.9 (down 2.26%). Home Depot lost 2.13% yesterday and closed at $288.67.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 240,000 from the preceding figure of 311,000. United States Initial Jobless Claims expected to decline to 200,000 while its preceding data was 198,000, data will be available today at 12:30 UTC.
Furthermore, United States Unemployment Rate is expected tomorrow at 12:30 UTC.
Trending downwards for around 2 months. The modern luxury accessories and lifestyle brands specialist is now trading 9.57% below the significant high of $46.62 it set around 2 months ago.
