Friday at a glance: Tapestry ended Thursday at $43.87. Friday it went up to $44.51 only to drop back, yet still managed to close at $44.47.
Technical analysis shows that Tapestry Inc could be slowing down soon; it is getting close to the resistance line and is now at $44.77, only 30 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Trend analysis indicates that Tapestry made an initial breakout above its 21 day Simple Moving Average at $44.33, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $45.88, thereby suggesting that Tapestry is becoming overvalued.
Notwithstanding Tapestry's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Tapestry's share price coincided with other consumer discretionary stocks as Amazon gained 3%, as it traded at $94.9. Walt Disney was up 2.24%. Toyota was up 1.86%.
Furthermore, the market is looking at United States Fed Chair Powell testimony scheduled to come out tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook is expected tomorrow at 17:00 UTC.
Trending downwards for around 30 days. The modern luxury accessories and lifestyle brands specialist has managed to gain 14.75% so far this year despite trading at lows around $26.52 previously.