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May 14, 2023
Friday at a glance: Amazon shed 1.71%, falling to $110.26.
Amazon made an initial break below its 3 day Simple Moving Average at $109.66, a possible indication of a forthcoming negative trend. Amazon's upper Bollinger Band® is at $111.92 which indicates a further downward move may follow. Despite this, Amazon could begin to recover as it approaches significant support, now $1.42 away from $108.84. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Amazon.
Amazon was not the only decliner in the consumer discretionary sector; Alibaba drops 2.9% Friday to close at $87.89. Nike went down 1.64%, closed at $122.22. Tesla closed at $167.98 (down 2.38%).
4 months ago, the tech and retail multifaceted giant fell to a low of $81.82 but has since recovered 37.11%.
