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March 18, 2023
A quick look at yesterday: during yesterday's session, Amazon toiled and struggled for upward momentum before closing at $98.95. By the close, the Jeff Bezos’s company suffered a $1.09 or 1.09% loss.
Despite drifting lower in the trading session, the short-term outlook has turned positive after the MACD moved above its signal line — typically a bullish indicator. In contrast, Amazon's upper Bollinger Band® is at $100.4 which indicates a further downward move may follow.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Amazon is set to appreciate despite today's setback.
Amazon was not the only decliner in the consumer discretionary sector; Toyota dips 1.78% yesterday to close at $135.9. McDonald's went down to $267.2, losing 1.25% after it closed at $270.57 yesterday. Walt Disney went down to $93.2, losing 1.16% after it closed at $94.29 yesterday.
On a negative trend for around a month. The tech and retail multifaceted giant is now trading 22.27% above the significant low ($81.82) it slumped to 2 months ago.
