Amazon currently down 1.18% halfway through today

Jeff Bezos’s company drops 1.18% in early trade and remains within touching distance of the $91.08 level.

This down-slide takes place while positive United States macroeconomics indicators data was published earlier – highly important Initial Jobless Claims data from United States beat analyst expectations of 195,000 with a reading of 190,000. Data for United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected with 1.17 million, but worse than previous figure of 7.65 million.

While price action maintains a negative bias, United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4.

Amazon fell below the $90.95 support zone and moved 13 cents beyond it; the next level of support with significant buyer interest is estimated at $89.72. The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored.

In the short term, Amazon is expected to maintain its recent downtrend and continue spiralling lower.

Amazon's stock value drop coincides with Tesla is down to $190.07, losing 6.26%, after ending yesterday at $202.77.

Positive performances can be seen by looking at other consumer discretionary stocks as McDonald's is trading at $267.74 after ending yesterday's session at $262.72 (up 1.91%). Pinduoduo gained 3.25%, currently at $94.

Furthermore, United States ISM Non-Manufacturing PMI (Feb) is scheduled for tomorrow at 15:00 UTC.

Having soared to a high of $169.31 approximately 11 months ago, Jeff Bezos’s company is now trading 45.56% lower.