Amazon Stock Price May Slip on Thursday

Amazon stock price dropped 1.90% yesterday and the reason of AMZN’s fall is said to be the recent insider report which highlights some issues of in Amazon.com Inc.
Amazon.com layoffs would help the company to grow or these are just misleading facts regarding the so called tech companies laying off enormous numbers of souls.
AMZN stock price had a dump yesterday and might slip more on Thursday’s trading session as some documents are out regarding insider reports.

Amazon.com (NASDAQ: AMZN) and The Leaked Document:

Amazon stock price has dropped on wednesday and might continue this slippage on Thursday due to the leak of some insider reports. Amazon stock price must sustain and revert back as it might experience a significant slippage from the current level due to the recent documents leak.

The insider report is documented upon the facts regarding the big tech giants like Salesforce, ESPN, Microsoft, Google, and Meta Platforms recent layoffs. The last year has seen a large number of layoffs in these major tech giants including Amazon – a decision that has been primarily attributed to the covid-19 lockdown’s rapid growth of online technology.

One of the largest businesses to announce waves of layoffs is Amazon (AMZN), which fired more than 2,300 workers in January from its departments of payments, health care, human resources, robotics, and web services.

Now, a leaked document made public by Insider demonstrates that there was no general supervision of the company’s hiring procedure.

When all was said and done, Amazon had listed roughly three times as many open positions as had been authorized by the business for the web services team. For instance, the utility computing team advertised 24,988 open positions in 2022, but the business as a whole only approved 7,798 of them.

The document claims that the business delegated hiring decisions to individual managers and that this left the hiring process open to inconsistencies, mistakes, and possible misconduct, including “over-hiring.”

It doesn’t appear good that the document was leaked while there were record-breaking layoffs. Amazon Web Services (AWS), People Experience and Technology Solutions (PXT Solutions), ads, and the video live-streaming service Twitch will all be impacted by the latest layoffs.

However, Amazon.com (NASDAQ: AMZN) had not officially answered over TheStreet’s investigation for comment.

Amazon Stock Price: Technical Indications Predict a Price Drop

Amazon stock price (NASDAQ: AMZN) might continue the downtrend momentum and slump more regulating the facts regarding the recent document leak news. AMZN stock price must attract more buyers in order to oppose the downtrend momentum to sustain.

Amazon share price slippage is hinted by the technical indicators as the negative impact of the recent news and the report leak from insider leading AMZN to adapt the downward trend over the charts.

However, Amazon share price is at 100-days DMA and trying to sustain above 20 and 50-EMA to reach the 200-days Daily Moving Average. If AMZN stocks slipped again by the opening of Thursday’s trading session. Then analysts indicate that AMZN share price might slump till $95 level in the upcoming trading sessions.

Meanwhile, technical indicators also confirm the fall of Amazon stock price. Relative strength index showcases the downward velocity of AMZN shares. RSI was at 55 and is heading towards neutrality.

Moreover, MACD exhibits the sustainability issues of Amazon share price at the current stage. The MACD line might move towards the signal line for negative crossover.

Investors in Amazon stocks need to wait until the Amazon stock price sustains and register its comeback. Investors also need to confirm the facts regarding the recent leaked documents by an insider to check their credibility and must look for Amazon.com’s official reply on the same.

Summary

Amazon stock price has dropped on wednesday and might continue this slippage on Thursday due to the leak of some insider reports. Now, a leaked document made public by Insider demonstrates that there was no general supervision of the company’s hiring procedure.

Amazon stock price (NASDAQ: AMZN) might continue the downtrend momentum and slump more regulating the facts regarding the recent document leak news.

However, Amazon share price is at 100-days DMA and trying to sustain above 20 and 50-EMA to reach the 200-days Daily Moving Average.

Meanwhile, technical indicators also confirm the fall of Amazon stock price.

Technical Levels

Resistance Level: $100.83 and $102.30

Support Level: $98.40 and $95.00

Disclaimer-

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing