Amazon trades back below $3000 for the first time since early November. Bounces
Looks to close back below the 200 day MA for the 2nd time in 5 trading days
- Earnings: $14.09 vs $7.23 per share
- Revenue: $125.56 billion vs $119.7 billion
However, Jeff Bezos - Amazon's founder and CEO - also announced his decision to step down as CEO. That tempered the gains and after the price fell back below its 100 day moving average (blue line in the chart above), the price also dipped below the lower pennant trendline. Sellers were more in control from a technical perspective. The close below the 200 day moving average increases that bearish bias from a technical perspective. It would take a move back above the level to start to tilt the bias back in the bullish direction.
On the downside, the early November low at $2950.12 in the September low at $2871 are the next targets on further weakness