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February 22, 2023
The tech and retail multifaceted giant trades at $96.63 today, after closing yesterday at $94.58 and gaining $2.05 (2.17%).
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Meanwhile, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Chart analysis indicates Amazon could be slowing down soon as it approaches resistance at $97.49. Of course, crossing it might suggest further gains are ahead. Trend-focused traders would be interested to note that Amazon made an initial breakout above its 3 day Simple Moving Average at $96.64, a potential indicator of a newly emerging bullish phase.
Overall, the technical outlook suggests Amazon is likely to remain muted for the immediate future, with no clear-cut direction.
This rally in Amazon's share price coincides with other consumer discretionary stocks as Home Depot is up 1.26% to $299.24. Lowe's added 1% to its value, now trading at $203.87.
While Amazon is higher so far today, these consumer discretionary stocks are struggling: after closing the previous session (yesterday) at $197.37, Tesla lost $3.37 and is trading around $194.
Furthermore, the market is looking at tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 194,000.
Also worthy of note, United States GDP is expected tomorrow at 13:30 UTC.
Jeff Bezos’s company is up 15.6% from the significant low of $81.82 it hit a month ago.
