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April 12, 2023
A quick look at yesterday: after closing the previous trading day at $102.17 and dropping to $99, Jeff Bezos’s company closed yesterday at $99.92. By the end of the session, Amazon gave up a total of 2.2%.
United States Core Consumer Prices is next today at 12:30 UTC.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 377,000, while the previous figure was -4.35 million. Fresh 3-Year Note Auction data from United States came out at 3.81.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. On the other hand, note that Amazon could begin to recover as it approaches significant support, now 97 cents away from $98.95. Dipping below could be an indication that further losses are ahead.
In the short term, Amazon is expected to maintain its recent downtrend and continue spiralling lower.
Amazon was not the only decliner in the consumer discretionary sector; Alibaba closed at $99.76 (down 1.75%).
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Nike was up 1.14%. Home Depot gained 0.89%, as it traded at $293.77.
Moreover, United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -583,000. It previously stood at -3.74 million; data will be released today at 14:30 UTC.
Furthermore, United States Consumer Price Index is expected today at 12:30 UTC.
The stock has been trending positively for about a month. The tech and retail multifaceted giant is now trading 24.87% above the significant low ($81.82) it slumped to 3 months ago.
