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Slow down? Following a three day winning streak, Amazon faltered yesterday; now hovering around $102.74

18 April 2023

AMZN

Yesterday at a glance: without a clear direction, Amazon closed at $102.74 while ranging between $101.59 and $103.73.

United States Building Permits (Mar) is next.

This uncertain state for Amazon is reflected by published market data as United States TIC Net Long-Term Transactions (Feb) came out at 71 billion, while a consensus of analysts was expecting 101.9 billion. United States NY Empire State Manufacturing Index (Apr) released yesterday at 12:30 UTC with a figure of 10.8, while the previous figure was -24.6.

Amazon made an initial break below its 10 day Simple Moving Average at $101.76, a possible indication of a forthcoming negative trend. Amazon's upper Bollinger Band® is at $104.91, suggesting that a downward move may follow. Despite this, Amazon reversed direction at $101.64 support zone and climbed $1.1 above it.

Despite the market lacking direction, technical chart analysis strongly suggests Amazon is positioned for a downward move in the near term.

Meanwhile, mixed performances were seen by other consumer discretionary stocks as Toyota gained 1.32%, as it traded at $137.75. Alibaba added 1.98% to its value, and traded at $96.42. Lowe's was up 1.39%.

Data to be released today might clear up some of the market fog as tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -2.46 million from the preceding figure of 597,000. United States Building Permits (Mar) scheduled to come out today at 12:30 UTC.

Amazon hit a significant low of $81.82 around 3 months ago, but has since recovered 25.29%.

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