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April 24, 2023
Amazon rallied to $109.23 for the first time in 2 months (gaining 75 cents). It later dropped, erased today’s gains and closed at $106.21.
Amazon made an initial break below its 200 day Simple Moving Average at $107, a possible indication of a forthcoming negative trend. Amazon's upper Bollinger Band® is at $107.36 which indicates a further downward move may follow. On the other hand, note that Amazon could begin to recover as it approaches significant support, now $1.77 away from $104.44. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Amazon.
Amazon was not the only decliner in the consumer discretionary sector; Alibaba closed at $86.89 (down 2.51%).
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Nike gained 1.24%, as it traded at $127.09. Starbucks traded at $109.29 after closing today's trading day at $108.19 (up 1.02%).
Looking ahead, ongoing depreciation may be prolonged as projections for United States Consumer Confidence are set for a continuation of decline with 104 while previous data was 104.2; data will be released tomorrow at 14:00 UTC.
Furthermore, United States Building Permits scheduled to come out tomorrow at 13:30 UTC. United States New Home Sales (Mar) will be released tomorrow at 14:00 UTC.
Jeff Bezos’s company has recovered 30.73% since descending to a significant low of $81.82 around 3 months ago.
