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June 09, 2023
Yesterday at a glance: the luxury fashion company has recovered almost all of its session losses after dipping down to $42.23 yesterday.
Highly important Initial Jobless Claims data from United States beat analyst expectations of 235,000 with a reading of 261,000.
Meanwhile, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion. United States Reserve Balances with Federal Reserve Banks came out at 3.31 trillion.
'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Tapestry's upper Bollinger Band® is at $44.24 which indicates a further downward move may follow. Despite this, Tapestry could begin to recover as it approaches significant support, now 32 cents away from $42.22. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Tapestry to extend its recent losses.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Tesla gained 4.58%, as it traded at $234.86. Amazon added 2.49% to its value, and traded at $124.25. McDonald's traded at $285.78 after closing yesterday's trading day at $281.9 (up 1.38%).
Tapestry hit a significant low of $28.43 around 8 months ago, but has since recovered 51.25%.
