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February 28, 2023
An 8 day downtrend has resulted in the asset losing $7.66. With a marginal improvement upon yesterday's session, after dropping down to $93.14, the tech and retail multifaceted giant recovers some losses and is currently trading at $93.76.
United States Consumer Confidence is next.
This uncertain state for Amazon is reflected by published market data as data for United States Pending Home Sales published yesterday at 15:00 UTC came out at 8.1%, beating projections of 1% and showing improvement over the preceding figure of 1.1%. Highly important Core Durable Goods Orders data from United States beat analyst expectations of 0.1% with a reading of 0.7%. United States Core Durable Goods Orders fell short of the -4% projections, with new data of -4.5%.
Amazon made an initial break below its 50 day Simple Moving Average at $94, a possible indication of a forthcoming negative trend. On the other hand, note that Amazon is climbing away and is now 75 cents from the $93 support line.
Despite the market lacking direction, technical chart analysis strongly suggests Amazon is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Tesla was up 5.46%. Lowe's added 1.34% to its value, and traded at $204.24.
Data to be released today might clear up some of the market fog as tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 440,000 from the preceding figure of 7.65 million. United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released today at 15:00 UTC. United States ISM Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.
The tech and retail multifaceted giant has fallen back around 44.78% from the significant high of $169.31 set 11 months ago.
