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June 21, 2023
Without a clear direction, Amazon closed at $125.78 while ranging between $124.5 and $127.25.
- United States Fed Chair Powell testimony is next today at 14:00 UTC.
- While flat yesterday, Amazon is on a 9 day bullish trend, gaining a total of $4.26 throughout.
Earlier data releases related to Amazon – United States Building Permits (May) came out at 1.49 million, while a consensus of analysts was expecting 1.43 million. United States Housing Starts beat the -0.8% projections, with 21.7%.
Here is the technical analysis of Amazon before macro data is released:
Amazon made an initial breakout above its 10 day Simple Moving Average at $125.31, a potential indicator of a newly emerging bullish phase. Amazon is approaching key support, around $1.34 away from $124.44. 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 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 Crude Oil Inventories projected to decline to 1.87 million while previous data was 7.92 million; data will be released tomorrow at 15:00 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released tomorrow at 12:30 UTC.
As the markets get ready for more data to be released — Toyota went down 4.38%, closed at $164.35. Nike went down 3.57%, closed at $113.59. Alibaba closed at $87.93 (down 4.53%).
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 28.81% compared to its 3-month low of $81.82.
