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June 09, 2023
Yesterday at a glance: the tech and retail multifaceted giant went up to $124.25, gaining 2.49%.
Nevertheless, highly important Initial Jobless Claims data from United States beat analyst expectations of 235,000 with a reading of 261,000.
At the same time, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion. United States Reserve Balances with Federal Reserve Banks came out at 3.31 trillion.
Amazon made an initial breakout above its 5 day Simple Moving Average at $124.03, 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 $125.83, only $1.58 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.
This rally in Amazon's share price coincided with other consumer discretionary stocks as Tesla added 4.58% to its value, and traded at $234.86. McDonald's was up 1.38%. Toyota traded at $146.86 after closing yesterday's trading day at $145.31 (up 1.07%).
The stock has been trending positively for about a month. The tech and retail multifaceted giant now trading 33.37% above its 3-month low of $81.82.
