Yesterday at a glance: bullish sentiment helped the luxury fashion company to hammer out a noteworthy $36.94 to $37.94 range yesterday, and finally closing at $37.77 to end the session.
Tapestry's uptick comes amid good United States macroeconomic data released during the day — highly important Pending Home Sales data from United States beat analyst expectations of -5% with a reading of -4.6%.
Tapestry's uptick comes amid disappointing United States macroeconomic data released during the session – following a previous reading of -3.69 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the -2.76 million figure expected by analysts with an actual reading of -12.58 million.
At the same time, United States JOLTs Job Openings (Oct) came out at 10.33 million, while a consensus of analysts was expecting 10.3 million.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $38.9, thereby suggesting that Tapestry is becoming overvalued. A study of Tapestry's historical price actions shows Tapestry price action is currently oscillating around the $37.63 resistance level with prices moving above and below several times during the session.
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 Alibaba traded at $87.56 after closing yesterday's trading day at $79.86 (up 9.64%). Amazon added 4.46% to its value, and traded at $96.54. Tesla traded at $194.7 after closing yesterday's trading day at $180.83 (up 7.67%).
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Initial Jobless Claims is projected to outperform its last figure with 235,000. It previously stood at 240,000; data will be released today at 13:30 UTC.
Furthermore, the market is looking at tomorrow at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 200,000 from the preceding figure of 261,000.
Also worthy of note, United States Core PCE Price Index (MoM) (Oct) scheduled to come out today at 13:30 UTC.
The stock has been trending positively for about 2 months. Having set a significant high of $43.7 6 months ago, the modern luxury accessories and lifestyle brands specialist is trading 40.46% lower.