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April 04, 2023
While Amazon is on a 5 day bullish trend, Today's session might suggest a slow down — without a clear-cut direction, Amazon is trading around $102.69 and ranging between $102.18 and $103.77.
Amazon is currently trading at $102.69 following the release of JOLTs Job Openings (Feb) data from the United States.
Uncertainty around Amazon is reflected by published market data as United States JOLTs Job Openings (Feb) came out at 9.93 million, while a consensus of analysts was expecting 10.4 million. United States ISM Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 46.3, while the previous figure was 47.7. United States Factory Orders released earlier showed a marked improvement to -0.7% from the preceding data of -2.1%, but fell short of the -0.5% figure forecast by a consensus of market analysts.
Amazon made an initial breakout above its 3 day Simple Moving Average at $102.57, a potential indicator of a newly emerging bullish phase. Amazon is approaching key support, around $1.23 away from $101.46. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. On the other hand, note that Amazon's upper Bollinger Band® is at $105.04, suggesting that a downward move may follow.
Although price action remains in a stalemate, technical analysis suggests Amazon could be primed for a break to the upside.
Meanwhile, mixed performances are seen in other consumer discretionary stocks as Nike gained 0.98%, currently at $122.86. Lowe's is down 1.13% from the beginning of the session and now trades around $201.68.
Furthermore, the market is looking at United States Crude Oil Inventories is projected to outperform its last figure with -1.8 million, having previously been at -7.49 million. The figure will be published tomorrow at 14:30 UTC. United States ADP Nonfarm Employment Change (Mar) is expected tomorrow at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) is scheduled for tomorrow at 14:00 UTC.
After hitting an important low of $81.82 approximately 3 months ago, Jeff Bezos’s company has bounced back 25.16% since.
