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February 22, 2023
After closing the previous trading day at $42.37, Tapestry is up to $42.69, which makes for a move of 0.76%/32 cents today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
At the same time, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Tapestry's lower Bollinger Band® is at $42.4, indicating that the market is oversold and fertile for new buyers.
With market volatility ebbing, the current technical outlook indicates Tapestry will remain range-bound for the immediate future.
A look at other consumer discretionary stocks also shows bullish price action as Amazon is trading at $96.77 after ending yesterday's session at $94.58 (up 2.32%). Home Depot gained 1.39%, currently at $299.62. Lowe's added 1.02% to its value, now trading at $203.91.
Also worthy of note, United States Crude Oil Inventories projected to decline to 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 194,000.
The market is looking forward to the release of new data: United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
Approximately 21 days ago, the modern luxury accessories and lifestyle brands specialist reached a significant high of $46.62 but has struggled to hold onto its gains and declined 9.12% since then.
