Investors are currently sidelined due to the Good Friday holiday but will return to their desks tomorrow. Looking back over the previous session Thursday: after ending Wednesday at $101.1, Amazon went up to $102.38 only to drop back, yet still traded well overall and closed at $102.06 Thursday.
Amazon made an initial breakout above its 10 day Simple Moving Average at $100.51, a potential indicator of a newly emerging bullish phase. In contrast, Amazon could be slowing down soon as it approaches resistance at $103.03. Of course, crossing it might suggest further gains are ahead.
Examining the technical analysis landscape, Amazon might continue its downtrend in the short term.
A look at other consumer discretionary stocks also showed bullish price action as Alibaba gained 4.25%, as it traded at $102.74. McDonald's was up 0.31%.
While Amazon was bullish Thursday, the following consumer discretionary stocks underperformed: Toyota closed at $138.87 (down 1.1%).
The stock has been trending positively for about 27 days. Amazon hit a significant low of $81.82 around 3 months ago, but has since recovered 23.56%.