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March 05, 2023
A quick look at Friday: pronounced bullish sentiment in the market helped the tech and retail multifaceted giant to make a notable 3% gain Friday, rising $2.77 and ultimately closing at $94.9.
Amazon made an initial breakout above its 50 day Simple Moving Average at $94.26, a potential indicator of a newly emerging bullish phase. On the other hand, note that Amazon could be slowing down soon; it is getting close to the resistance line and is now at $95.67, only 77 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Amazon might continue pointing upwards in the short term.
A look at other consumer discretionary stocks also showed bullish price action as Walt Disney added 2.24% to its value, and traded at $101.14. Toyota was up 1.86%. Lowe's was up 2.37%.
On a negative trend for around 29 days. The tech and retail multifaceted giant reached a significant high of $169.31 around 11 months ago but has lost 45.59% since then.
