Amazon.com, Inc. (NASDAQ:AMZN) closing in on a buy opportunity
Amazon.com (AMZN) is closing in on a buy opportunity that follows an eight-month base while gearing up for its largest shopping event of the year.
The buy point of 1,964.50 will kick in if Amazon stock breaks out past that entry in a long cup-with-handle base that began forming in September.
The handle is already long enough to be considered its own base. It could be interpreted as a cup base. The buy point would be the same. A pullback over the past few days may offer an alternative entry at 1,935.30, especially if Amazon ends down for the week. Either way, if Amazon stock can break out, it should come in volume at least 40% higher than normal.
Amazon stock climbed 1% to close at 1,897.83 on the stock market today.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 1,984.47.
The projected lower bound is: 1,813.31.
The projected closing price is: 1,898.89.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 31.3091. This is not an overbought or oversold reading. The last signal was a sell 8 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 56.94. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 16 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 39. This is not a topping or bottoming area. The last signal was a sell 5 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 12 period(s) ago.
Rex Takasugi – TD Profile
AMAZON COM closed up 19.560 at 1,897.830. Volume was 41% below average (neutral) and Bollinger Bands were 59% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1,895.57 1,868.02 1,746.29
Volatility: 16 30 46
Volume: 2,996,035 4,204,377 5,551,569
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
AMAZON COM is currently 8.7% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of AMZN.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on AMZN.O and have had this outlook for the last 6 periods.
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