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June 16, 2023
A quick look at today: an influx of sellers pushed Jeff Bezos’s company to end the session lower around $125.49, while establishing a $125.3 to $127.87 session range today.
New United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000).
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — highly important Retail Sales data from United States beat analyst expectations of -0.1% with a reading of 0.3%.
Meanwhile, United States Philadelphia Fed Manufacturing Index (Jun) came out at -13.7, while a consensus of analysts was expecting -13.5.
Amazon made an initial break below its 5 day Simple Moving Average at $126.04, a possible indication of a forthcoming negative trend. In contrast, Amazon could begin to recover as it approaches significant support, now 93 cents away from $124.56. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Amazon to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the tech and retail multifaceted giant is expected to attract significant bearish sentiment in the coming days.
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 25.03% compared to its 3-month low of $81.82.
