A quick look at yesterday: Tapestry rose as high as $32.8 before giving up its gains and dropping back to $32.16 before the close on yesterday.
United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected decline to 367,000.
At the same time, United States ADP Nonfarm Employment Change (Oct) came out at 239,000, while a consensus of analysts was expecting 195,000. United States JOLTs Job Openings (Sep) released yesterday at 14:00 UTC with a figure of 10.72 million, while the previous figure was 10.28 million. United States ISM Manufacturing PMI (Oct) came out at 50.2, while a consensus of analysts was expecting 50.
Despite posting gains on yesterday, Tapestry Inc slid below its 50 day Simple Moving Average at $32.42 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $32.5, thereby suggesting that Tapestry is becoming overvalued. After reaching the known resistance zone beginning at $32.77, Tapestry price action retreated approximately 61 cents.
Technical analysis of Tapestry price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
This rally in Tapestry's share price coincided with other consumer discretionary stocks as Alibaba traded at $65.86 after closing yesterday's trading day at $63.58 (up 3.59%).
Tapestry went up yesterday, yet these consumer discretionary stocks did not follow — Amazon lost 5.52% yesterday and closed at $96.79. Toyota went down to $135.16, losing 2.63% after it closed at $138.81 yesterday.
Also worthy of note, today at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 367,000 from the preceding figure of 2.59 million.
Elsewhere, United States Interest Rate is expected today at 18:00 UTC. United States ISM Non-Manufacturing PMI (Oct) scheduled to come out tomorrow at 14:00 UTC.
The stock has been trending positively for about a month. Tapestry reached a significant high of $46.2 around 11 months ago but has lost 31.43% since then.