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February 26, 2023
A quick look at Friday: Jeff Bezos’s company hovered around the $93.5 level after closing Thursday at $95.82 and shedding 2.42%, as it reached reached Friday's session close.
Trend analysis indicates that despite being in the red so far in the current trading session, Amazon peaked above its 50 day Simple Moving Average around $93.96 — typically an early indicator of a new bullish trend beginning to emerge. Technical chart analysis shows Amazon could begin to recover as it approaches significant support, now $1 away from $92.5. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests Amazon has no clear-cut direction.
Amazon was not the only decliner in the consumer discretionary sector; Alibaba went down 5.48%, closed at $94.16. Toyota went down 2.09%, closed at $138.95. Walt Disney went down 1.41%, closed at $101.73.
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Pending Home Sales data is projected to fall short of market expectations with newly published data of 1%, following on from the preceding figure of 2.5%. New data is set to be published tomorrow at 15:00 UTC.
Moreover, United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%, having previously been at -0.2%. The figure will be published tomorrow at 13:30 UTC.
The tech and retail multifaceted giant has shed 31.36% over the past six months.
