Is the bullish run coming to an end? Amazon closed at $102.3 (-0.43%)

Though in the midst of a 5 day uptrend, gaining a total of 4.57%, ($4.91), Yesterday's session suggests run might be coming to an end — an influx of sellers pushed Jeff Bezos’s company to session lows around $101.52 while establishing a $101.52 to $104.2 session range yesterday.

Crude Oil Inventories data from United States will be released today at 14:30 UTC with analysts expecting a decline to -1 million. Potentially significant price fluctuations in Amazon are expected to follow.

While price action maintains a negative bias, United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -2.67 million, while the previous figure was 377,000. Housing Starts in United States fell short of market expectations (0.4%) with a reading of -0.8%, continuing the decline from the previous figure of 7.3%.

Amazon made an initial break below its 10 day Simple Moving Average at $101.71, a possible indication of a forthcoming negative trend. Amazon's upper Bollinger Band® is at $105 which indicates a further downward move may follow. On the other hand, note that Amazon could begin to recover as it approaches significant support, now $1.15 away from $101.15. Dipping below could be an indication that further losses are ahead.

Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Amazon to extend its recent losses.

On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Lowe's traded at $208.1 after closing yesterday's trading day at $205 (up 1.51%). Home Depot added 1.2% to its value, and traded at $298.95.

Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with -1 million while previous data was 597,000; data will be released today at 14:30 UTC.

Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) will be released tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) scheduled to come out tomorrow at 14:00 UTC.

Amazon hit a significant low of $81.82 around 3 months ago, but has since recovered 25.57%.