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June 03, 2023
The tech and retail multifaceted giant reached $126.39, breaking a 8 months record. Later, it lost $2.14 and is now trading at $124.25.
Amazon's uptick comes amid good United States macroeconomic data released during the day — data for United States Non Farm Payrolls published yesterday at 12:30 UTC came out at 339,000, beating projections of 180,000 and showing improvement over the preceding figure of 294,000.
Amazon's uptick comes amid disappointing United States macroeconomic data released during the session – data from United States concerning Average Hourly Earnings was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0.4% to 0.3% this month. Highly important Unemployment Rate data from United States beat analyst expectations of 3.5 with a reading of 3.7.
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. Momentum evaluation shows that according to technical analysis of Amazon's Relative Strength Index (RSI), the market is currently overbought. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $126.35, thereby suggesting that Amazon is becoming overvalued. Amazon's notable support and resistance levels: although Amazon is appreciating today after rising as high as $126.39, price action is now slowing and consolidating around $3 below the $127.26 resistance level.
Notwithstanding Amazon's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Amazon's share price coincided with other consumer discretionary stocks as Toyota gained 3.8%, as it traded at $146. Nike traded at $107.78 after closing yesterday's trading day at $103.29 (up 4.35%). Walt Disney was up 2.46%.
The stock has been trending positively for about a month. The past 3 months have been positive for the tech and retail multifaceted giant as it added 35.43% compared to its 3-month low of $81.82.
