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June 14, 2023
Amazon trades at $126.55, after ending yesterday at $126.66.
- United States Crude Oil Inventories is next today at 14:30 UTC.
- While flat so far today, Amazon is on a 5 day bullish trend, gaining a total of $5.43 throughout.
Earlier data releases related to Amazon – highly important Producer Price Index data from United States beat analyst expectations of -0.1% with a reading of -0.3%. United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%.
Technical analysis of Amazon before macro data is released:
Amazon's upper Bollinger Band® is at $129.59, suggesting that a downward move may follow. On the other hand, note that Amazon is approaching key support, around $1.46 away from $125.09. 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.
Despite the market lacking direction, technical chart analysis strongly suggests Amazon is positioned for a downward move in the near term.
Coming up for Amazon — United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released today at 14:30 UTC. Tomorrow at 12:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.1% from the preceding figure of 0.4%.
As the markets get ready for more data to be released — Toyota is up 4.04%. Nike is trading at $110.03 after ending yesterday's session at $106.78 (up 3.04%). Alibaba gained 2.23%, currently at $89.46.
The stock has been trending positively for about a month. Jeff Bezos’s company now trading 37.03% above its 3-month low of $81.82.
