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April 21, 2023
After ending yesterday at $103.81, Amazon is currently trading at $107.8.
Amazon is currently trading at $107.8 following the release of Services PMI data from the United States.
At the same time, United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States Existing Home Sales (Mar) released yesterday at 14:00 UTC with a figure of 4.44 million, while the previous figure was 4.55 million. United States Philadelphia Fed Manufacturing Index (Apr) came out at -31.3, while a consensus of analysts was expecting -19.2.
Amazon made an initial breakout above its 200 day Simple Moving Average at $107.04, a potential indicator of a newly emerging bullish phase. Amazon has crossed the upper Bollinger Band® at $106.73, a potential sign that further gains are to follow. On the other hand, note that Amazon could be slowing down soon as it approaches resistance at $108.17. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Amazon might continue pointing upwards in the short term.
This rally in Amazon's share price coincides with other consumer discretionary stocks as Walt Disney is up 1.21%. Starbucks is trading at $108.3 after ending yesterday's session at $107.05 (up 1.16%).
While Amazon is higher so far today, these consumer discretionary stocks are struggling: Alibaba is down to $88.95, losing 1.97%, after ending yesterday at $90.74.
After hitting an important low of $81.82 approximately 3 months ago, the tech and retail multifaceted giant has bounced back 26.88% since.
