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June 11, 2023
A quick look at Friday: despite the risk-off mood, Amazon was range-bound between $123.19 to $125.79 and settled at $123.43.
Amazon made an initial break below its 5 day Simple Moving Average at $124.33, a possible indication of a forthcoming negative trend. A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. On the other hand, note that Amazon could begin to recover as it approaches significant support, now 96 cents away from $122.47. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting Amazon to extend its recent losses.
Amazon was not the only decliner in the consumer discretionary sector; Home Depot went down 1.24%, closed at $301.09.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Tesla traded at $244.4 after closing Friday's trading day at $234.86 (up 4.06%). Toyota traded at $148.64 after closing Friday's trading day at $146.86 (up 1.21%).
The stock has been trending positively for about a month. The past 3 months have been positive for Jeff Bezos’s company as it added 35.7% compared to its 3-month low of $81.82.
