Today at a glance: grinding lower but with no clear-cut direction, Jeff Bezos’s company closed the session at $93.41 after forming a distinct $93.06 – $94.43 range.
Despite being in the red so far in the current trading session, Amazon peaked above its 5 day Simple Moving Average around $93.76 — typically an early indicator of a new bullish trend beginning to emerge. Amazon could begin to recover as it approaches significant support, now 30 cents away from $93.11. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Amazon might start pointing upward in the short term.
Amazon was not the only decliner in the consumer discretionary sector; Alibaba went down 3.83%, closed at $78.5.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Home Depot gained 1.63%, as it traded at $326.76. Toyota added 1.16% to its value, and traded at $148.41.
The tech and retail multifaceted giant is now trading 9.28% above the significant low ($86.14) it slumped to 16 days ago.