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March 08, 2023
Without a clear direction, Amazon closed at $93.55 while ranging between $92.78 and $95.09.
- United States ADP Nonfarm Employment Change (Feb) is next.
- While flat yesterday, Amazon is on a 4 day bullish trend, gaining a total of $1.62 throughout.
Earlier data releases related to Amazon – United States API Weekly Crude Oil Stock came out at -3.83 million, while a consensus of analysts was expecting -308,000. United States 3-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.635, while the previous figure was 4.073.
Here is the technical analysis of Amazon before macro data is released:
Amazon is approaching key support, around $1.03 away from $92.52. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Amazon made an initial breakout above its 50 day Simple Moving Average at $94.63, a potential indicator of a newly emerging bullish phase.
Despite muted price action in Amazon, chart analysis indicates it is positioned for a bullish run in the short term.
Coming up for Amazon — United States ADP Nonfarm Employment Change (Feb) is expected today at 13:15 UTC. Today at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 395,000 from the preceding figure of 1.17 million.
As the markets get ready for more data to be released — Home Depot falls 2.52% yesterday to close at $298.21. Walt Disney went down to $99.06, losing 1.59% after it closed at $100.66 yesterday. McDonald's went down to $267.13, losing 1.3% after it closed at $270.64 yesterday.
Pointing downwards for around a month. The tech and retail multifaceted giant reached a significant high of $169.31 around 11 months ago but has lost 44.63% since then.
