Amazon.com, Inc. (NASDAQ:AMZN) may soon reach $2,050
Shares of Amazon are climbing back toward their all-time high of $2,050, and one technical analyst believes the stock may soon reach that level — and then blow through it.
Oppenheimer’s Ari Wald said Monday on CNBC’s “Trading Nation” that after the stock topped $1,730, which had been a key level of resistance, new highs are on the horizon.
“We think this is a resumption of the longer term uptrend that’s still in play,” he said. “Speaking in terms of levels, the near-term breakout through the 200-day is now support at $1,730, and with the resumption of that long-term uptrend, we expect new highs above $2,000 level resistance.”
He added that the stock’s moving average convergence-divergence is tacking higher from its most oversold condition since 2014.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 1,696.88.
The projected upper bound is: 1,906.47.
The projected lower bound is: 1,726.20.
The projected closing price is: 1,816.34.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 84.0899. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 6 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 66.56. 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 sell 7 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 109.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 6 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 16 period(s) ago.
Rex Takasugi – TD Profile
AMAZON COM closed down -0.210 at 1,813.980. Volume was 41% below average (neutral) and Bollinger Bands were 1% narrower 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: 1,788.74 1,678.62 1,735.88
Volatility: 27 34 46
Volume: 4,674,152 4,726,242 5,704,106
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 4.5% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into AMZN.O (mildly bullish). Our trend forecasting oscillators are currently bullish on AMZN.O and have had this outlook for the last 16 periods.
Latest posts by HEFFX Australia (see all)
- Netflix, Inc. (NASDAQ:NFLX) facing a unique new challenger in Walt Disney - May 17, 2019
- Amazon.com, Inc. (NASDAQ:AMZN) crushed Q1 views, but sales growth has been slowing - May 17, 2019
- Elon Musk suffered a brutal rebuke this week after major Tesla investor T. Rowe Price revealed that it had dumped 81% of its Tesla, Inc. (NASDAQ:TSLA) stock - May 17, 2019