| 
June 23, 2023
Amazon rallied to $130.84 for the first time in 9 months (gaining 82 cents). It later dropped, erased today’s gains and closed at $129.33.
Amazon is currently trading at $129.33 following the release of Services PMI data from the United States.
Data from United States concerning Crude Oil Inventories was released yesterday at 15:00 UTC. Newly published figures emphasized continued decline from last month's figure of 7.92 million to -3.83 million this month.
Meanwhile, United States Services PMI released today at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9. United States Existing Home Sales (May) came out at 4.3 million, while a consensus of analysts was expecting 4.25 million.
With regards to technical trend indicators, chart analysis show that investors are seeking long positions as Amazon price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, Amazon's upper Bollinger Band® is at $131.16 which indicates a further downward move may follow. A study of Amazon's historical price actions shows Amazon could begin to recover as it approaches significant support, now $2.58 away from $126.75. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests Amazon is likely to remain muted for the immediate future, with no clear-cut direction.
Amazon was not the only decliner in the consumer discretionary sector; Toyota went down to $153.38, losing 2.37% after it closed at $157.11 today. Starbucks lost 2.49% today and closed at $98.34. McDonald's slumps 1.16% today to close at $293.3.
The stock has been trending positively for about a month. The tech and retail multifaceted giant now trading 31.86% above its 3-month low of $81.82.
