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Trends & Analysis
News

PepsiCo posts earnings beat, but misses on sales

News

Crude oil spikes after US inventories data

News

Risks on the horizon for the S&P 500?

News

GBP/USD retreats after hitting 1-month high

News

US dollar recovers from last week’s losses

News

Should you own Meta Platforms or Alphabet?

Asset Watch

Will Amazon enjoy a Black Friday breakout?

Thursday, November 23, 2023

With Amazon on the precipice of technical glory, you should monitor conflicting forces to determine the likely path. On the one hand, Amazon founder Jeff Bezos has reportedly been aggressively selling stock, which typically occurs when insiders believe shares are overvalued.
On the other hand, Deloitte’s annual Black Friday-Cyber Monday survey showed that consumers expect to spend an average of $567 during this year’s festivities, a new record and up 13% versus 2022. 84% of respondents said they felt confident with the budgets they set in September.
And as Amazon is one of the largest retailers in the U.S., consumers’ spending spree could bolster the company’s future earnings and the stock price.

The horizontal grey line shows how Amazon confronts weekly resistance near $144. The level coincides with the September 2020 and March 2021 lows, as well as the August 2022, July 2023 and August 2023 highs. But if Amazon can surpass the hurdle after two failed attempts this year, the bulls will have plenty of reasons for optimism.

Amazon’s 10-week moving average also provided support throughout most of the rally off the March 2023 lows, and the stock remained well-behaved until a breakdown occurred in September. So as long as the level holds, the outlook remains constructive.

Are you a Black Friday bull, or is the good news already priced in?


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