Yesterday at a glance: the tech and retail multifaceted giant has almost recovered all its losses from a previous close of $91 after dipping down to $89.04 yesterday.
Amazon made an initial break below its 3 day Simple Moving Average at $90.8, a possible indication of a forthcoming negative trend. Having stamped out a session range of $89.04 to $92.1, Fibonacci-inclined Amazon traders were highly concentrated around active Fibonacci support at $89.3. In contrast, Amazon could begin to recover as it approaches significant support, now $2 away from $88.53. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Amazon to extend its recent losses.
Amazon was not the only decliner in the consumer discretionary sector; Tesla drops 5% yesterday to close at $207.47. Nike falls 2.45% yesterday to close at $95.79.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Lowe's was up 2.42%.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with 1.1 million. It previously stood at -3.12 million; data will be released tomorrow at 15:30 UTC.
Furthermore, United States EIA Short-Term Energy Outlook scheduled to come out today at 17:00 UTC.
Jeff Bezos’s company has shed 34.74% over the past three months.