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Trends & Analysis
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Trends & Analysis
News

EUR/USD Price Retreats from Multi-Year Highs

News

Tesla’s Q1 earnings down 40%, but shares surge

News

Gold prices may continue to rise

News

Netflix posts blockbuster Q1 profits, shares rise

News

Week Ahead Preview: 21st of April

News

Silver Price May Continue to Rise Amid Uncertainty – What’s Next?

Asset Watch

Can Amazon create some holiday cheer?

Tuesday, October 11 2022

After the U.S. unemployment rate dipped to 3.5% on Oct. 7, the S&P 500 reacted with disdain. Moreover, with a resilient U.S. labour market poised to embolden an already hawkish Fed, ‘good news is bad news’ for risk assets.

 

Yet, with Amazon’s “Prime Early Access Sale” starting on Oct. 11, consumers doing their holiday shopping earlier should help bolster the company’s fourth-quarter earnings. The promotion will include “80% off select Fire TV smart TVs and up to 50% off select JBL, Sony and Bose ear buds, speakers and headphones.” On top of that, a new deal will launch every 30 minutes.

 

Amazon’s solid fundamentals paired with a technical backdrop that’s relatively constructive, given the current environment, could mean further weakness may be a buying opportunity.
Amazon Stock Chart Trading View

The February 2022 high places next-level support near $109, and Amazon rallied before reaching this milestone in September. Likewise, Amazon filled the gap from its bullish July earnings report, so give-back has already occurred.

 

However, Amazon’s next challenge is $126. The level is near the May 2020 and June 2022 highs. But if successful, Amazon could attempt to recapture $136, which hovers near the early-June highs, as well as the January and March 2022 lows and the September 2022 highs. Also, Amazon’s 200-day moving average is $136.04, which adds confirmation.

 

As a result, could Amazon help ignite a Santa Clause rally, or will the bears play the Grinch for the remainder of 2022?


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