| 
May 21, 2023
A quick look at Friday: the tech and retail multifaceted giant dropped 1.61% early on and traded close to the $116.25 level.
Trend and momentum analysis indicates that investors are seeking long positions as Amazon price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, Amazon's upper Bollinger Band® is at $118.85 which indicates a further downward move may follow. A study of Amazon's historical price actions shows Amazon could begin to recover as it approaches significant support, now $1.05 away from $115.2. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests Amazon has no clear-cut direction.
Amazon was not the only decliner in the consumer discretionary sector; Nike lost 3.46% Friday and closed at $114.76. Walt Disney dips 2.57% Friday to close at $93.76. Alibaba went down to $84, losing 2.09% after it closed at $85.77 Friday.
The tech and retail multifaceted giant is up 44.4% from the significant low of $81.82 it hit 4 months ago.
