- Amazon bearish trend is facing a possible turning point at $90.18
- Amazon's upper Bollinger Band® is at $127.13 which indicates a further downward move may follow.
Visual analysis of Amazon's chart shows that Amazon's downtrend might be halted by its support level at $90.18, which is only $1.94 away. Trend-following investors would be interested to note that Amazon's CCI indicator has fallen below -100, meaning prices are unusually low compared to their long-term average. According to momentum evaluation, the Relative Strength Index shows Amazon is in oversold condition. Analysis based on the asset volatility indicates that the lower Bollinger Band® of Amazon is at $93.52.
For the time being, Amazon remains flat without a clear direction.
A persuasive break of this target could lead to higher losses. Despite being in the red so far in the current trading session, Vulcan Materials Co peaked above its 200 day Simple Moving Average around $168.19 — typically an early indicator of a new bullish trend beginning to emerge. On the other hand, note that Vulcan Materials Co's upper Bollinger Band® at $167.82, suggesting a further decline is forthcoming.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Vulcan Materials Co is set to appreciate despite today's setback.
Home Depot made an initial foray below its 5 day Simple Moving Average around $294.41. Despite this, Home Depot is trending down and heading towards $284.78, which is only $3.95 away now. Hitting this support line might signal a change of direction.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Home Depot to extend its recent losses.
Fundamental indicators – United States Interest Rate came out at four, while a consensus of analysts was expecting four.
Upcoming fundamentals: as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 200,000, following on from the preceding figure of 263,000. New data is set to be published tomorrow at 12:30 UTC.