Time to Get Long This Giant? Dear Chart of the Day Reader, Today, we’re going to see what’s setting up on Amazon.com, Inc. (AMZN). You’re undoubtedly familiar with Amazon, the second-largest retailer in the world and the largest online retailer. When we recently looked at AMZN, it was headed lower, possibly to enter into a bear market (based on the popular definition of a 20% decline from highs). But, not so fast! AMZN bounced off support. Now we can take a look at where it stands now by analyzing the daily chart below: After holding support, AMZN put in a higher low and kicked back up over the midline of its Keltner Channel. It’s now taking a pause, but as long as it remains above the midline, we can watch for a buy signal to set up. Trade Smart, Michael Saul Analyst, Chart of the Day |
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