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Amazon.com, Inc (NASDAQ:AMZN) plunged about 6% on Tuesday to hit a new 52-week low of $96.51.
A downturn in the general markets, amid a stubbornly tight labor market ahead of the Federal Reserve’s Wednesday decision on interest rates didn’t help matters.
Read more about what one analyst sees ahead of the Fed’s meeting
Amazon is also still suffering from a bearish reaction to its Oct. 27 worse-than-expected third-quarter earnings print, which caused the stock to close down almost 7% the following day.
Soaring inflation and rising interest rates could cut spending further in the lead-up to the holiday season, which could negatively impact Amazon’s top and bottom lines during the fourth quarter.
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The Amazon Chart: Although Amazon has plummeted 20% since reaching a high of $121.32 on Oct. 25, a downtrend wasn’t confirmed until Monday, when the stock printed a lower high at the $104.87 mark. On Tuesday, Amazon confirmed the new downtrend is intact by printing a lower low.
- Amazon is likely to bounce up to at least form another lower high over the next few days because Tuesday’s steep drop caused the stock’s relative strength index to fall to the 28% level. When a stock’s RSI falls under the 30% mark, it becomes oversold, which can be a buy signal for technical traders hoping to catch a bounce.
- If Amazon closes the trading session near its low-of-day, the stock will print a bearish Marubozu candlestick, which could indicate lower prices will come again on Wednesday. If buyers come in and cause the stock to close the session with a lower wick, it could indicate a bounce is on the horizon.
- Amazon has resistance above at $99.88 and $109.30 and support below at $95.49 and $92.18.
See Also: What's Going On With Amazon Shares
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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