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Trends & Analysis
News

GBP/USD Price Braces for Central Banks Decisions This Week

News

USD/JPY rises on BoJ decision, Trump leaving G7

News

The Role of Investor’s Risk Appetite in Market Prices

News

Gold Price: Anticipation of the Fed Meeting and Key Geopolitical Developments

News

AUD surges ahead of key jobs data

News

Japan’s stocks climb amid geopolitical tensions

Asset Watch

It’s do or die time for Amazon?

Tuesday, July 19, 2022

With Amazon enjoying its “biggest Prime Day event ever” on Jul. 12-13, “members purchased more than 300 million items worldwide.” The average Prime Day order is up 18% year-over-year (YoY) versus 8% in 2021, with survey data showing that 33% of customers spent more in 2022 than in 2021.

 

U.S. customers purchased more than 60,000 items per minute, with consumer electronics, household essentials, and home décor among the best-selling items. The summer sun also resulted in U.S. shoppers splurging on “more than 1.2 million pairs of sunglasses and more than 1 million swimsuits.” As a result, Amazon’s fundamentals remain robust as we enter the Q2 earnings season.

 

Amazon Stock Chart Trading View

However, the e-commerce giant confronts a technical environment that makes the next few sessions extremely critical. Amazon’s rising support line (which is now resistance) drawn from the 2016 lows has stopped the last two rally attempts and culminated with Amazon re-testing its lows near $102.09. Additionally, the level is also near the September and October 2018, and July 2019 highs.

With a $117 line in the sand, there is roughly a 3% upside before Amazon faces its third test. If the bulls prevail, next-level resistance is present near $123.91. But a rejection puts $102.09 in play once again.

So, will Amazon’s next $10 move be higher or lower?


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