After dipping down to $94.73 today, Jeff Bezos’s company is recovering but is not yet all the way back to $97.12.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Initial Jobless Claims came out at 222,000, better than analyst estimates of 225,000 and improving upon the previous reading of 226,000.
While price action maintains a negative bias, United States Philadelphia Fed Manufacturing Index (Nov) released today at 13:30 UTC with a figure of -19.4, while the previous figure was -8.7. United States Building Permits (Oct) came out at 1.53 million, while a consensus of analysts was expecting 1.51 million.
A study of Amazon's chart reveals various key levels to watch: Amazon could begin to recover as it approaches significant support, now $2.2 away from $94.1. Dipping below could be an indication that further losses are ahead.
Amazon's stock value drop coincides with after closing the previous session (yesterday) at $215.13, Lowe's lost $6.88 and is trading around $208.25. Walt Disney is down to $92, losing 2.06%, after ending yesterday at $93.95.
Positive performances can be seen by looking at other consumer discretionary stocks as Alibaba is trading at $84.33 after ending yesterday's session at $78.16 (up 7.89%).
Furthermore, United States Existing Home Sales (Oct) scheduled to come out tomorrow at 15:00 UTC.
Having set a significant high of $184.8 8 days ago, Jeff Bezos’s company is trading 12.75% lower.