A quick look at yesterday: a mostly flat day so far for Jeff Bezos’s company, range-bound between $93.5 and $97.19 and currently at $95.27.
This uncertain state for Amazon is reflected by published market data as United States Consumer Price Index released yesterday at 13:30 UTC with a figure of -0.1%, while the previous figure was 0.1%. United States Initial Jobless Claims improved upon its previous reading of 206,000 with a new data release of 205,000. United States Core Consumer Prices came out at 0.3%, while a consensus of analysts was expecting 0.3%.
Amazon's notable support and resistance levels: Amazon is climbing away and is now $1.82 from the $93.45 support line. Trend-following investors would be interested to note that investors are seeking long positions as Amazon price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Price action remains constrained around the key Fibonacci level of $95.19 currently serving as support. If price action breaks below, the next Fib hurdle is $93.47. Asset volatility analysis shows that Amazon's upper Bollinger Band® is at $94.85, suggesting that a downward move may follow.
Notwithstanding Amazon's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Walt Disney was up 3.61%. Toyota was up 2.53%. Alibaba went down to $113.15, losing 1.63% after it closed at $115 yesterday.
Amazon hit a significant low of $81.82 around 16 days ago, but has since recovered 16.22%.