Yesterday Tapestry increased by 1.82%, ended the session at $40.86

Yesterday at a glance: pronounced bullish sentiment in the market helped the luxury fashion company to make a notable 1.82% gain yesterday, rising 73 cents and ultimately closing at $40.86.

Price action overcame a known Fibonacci resistance level at $40.55 by around 31 cents with prices hammering out a $39.92 – $40.87 session range. Tapestry's lower Bollinger Band® is at $39.6, indicating that the market is oversold and fertile for new buyers. In contrast, Tapestry could be slowing down soon as it approaches resistance at $41.18. Of course, crossing it might suggest further gains are ahead.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts Tapestry to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the luxury fashion company is expected to pick up significant bullish sentiment in the coming days.

A look at other consumer discretionary stocks also showed bullish price action as Nike added 1.41% to its value, and traded at $121.91. Walt Disney traded at $100.81 after closing yesterday's trading day at $99.97 (up 0.84%). Home Depot gained 0.89%, as it traded at $291.17.

Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million. It previously stood at -3.74 million; data will be released tomorrow at 14:30 UTC.

Elsewhere, United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.

Pointing downwards for around 2 months. Having soared to a high of $46.62 approximately 2 months ago, the luxury fashion company is now trading 13.92% lower.