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June 30, 2023
Today at a glance: pronounced bullish sentiment in the market helped the tech and retail multifaceted giant to make a notable 1.92% gain today, rising $2.46 and ultimately closing at $130.36.
On the flip side, highly important Pending Home Sales data from United States beat analyst expectations of -0.5% with a reading of -2.7%.
At the same time, United States Core PCE Price Index (YoY) (May) released today at 12:30 UTC with a figure of 4.6, while the previous figure was 4.7. United States Core PCE Price Index (MoM) (May) came out at 0.3, while a consensus of analysts was expecting 0.3.
Trend and momentum analysis indicates that investors are seeking long positions as Amazon price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Amazon's upper Bollinger Band® is at $131.62, this is a slight indication of a slowdown. Visual analysis of Amazon's chart shows that although Amazon is appreciating today after rising as high as $131.25, price action is now slowing and consolidating around $1.06 below the $131.42 resistance level.
Notwithstanding Amazon's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Amazon's share price coincided with other consumer discretionary stocks as McDonald's added 1.34% to its value, and traded at $298.41. Lowe's gained 1.29%, as it traded at $225.7.
Amazon went up today, yet these consumer discretionary stocks did not follow — Nike lost 2.65% today and closed at $110.37.
The stock has been trending positively for about 2 months. The tech and retail multifaceted giant now trading 27.58% above its 3-month low of $81.82.
