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May 26, 2023
Amazon rallied to $121.5, hitting its highest point in 7 months; it later lost $1.39 and closed at $120.11.
On the flip side, United States Core Durable Goods Orders fell short of the 0% projections, with new data of -0.2%. Highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of 0%.
At the same time, United States Core PCE Price Index (MoM) (Apr) released today at 12:30 UTC with a figure of 0.4, while the previous figure was 0.3.
Technical analysis shows that Amazon broke through the $117.95 resistance, climbing $2.16 above it. 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. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $121.82, thereby suggesting that Amazon is becoming overvalued.
All in all, the technical analysis suggests Amazon has no clear-cut direction.
A look at other consumer discretionary stocks also showed bullish price action as Tesla traded at $193.17 after closing today's trading day at $184.47 (up 4.72%). Lowe's added 2.73% to its value, and traded at $206.52. Alibaba traded at $80.97 after closing today's trading day at $78.78 (up 2.78%).
Jeff Bezos’s company now trading 23% above its 3-month low of $81.82.
