By Mill Chart
Last update: Mar 14, 2024
We've identified AMAZON.COM INC (NASDAQ:AMZN) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NASDAQ:AMZN for further developments.
ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.
Overall AMZN gets a technical rating of 10 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, AMZN is showing a nice and steady performance.
Check the latest full technical report of AMZN for a complete technical analysis.
Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NASDAQ:AMZN is 8:
AMZN has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 178.22. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 175.63, a Stop Loss order could be placed below this zone.
To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.
Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.
Our Breakout screener lists more breakout setups and is updated daily.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.
AMAZON.COM INC
NASDAQ:AMZN (4/26/2024, 7:00:00 PM)
After market: 180.12 +0.5 (+0.28%)179.62
+5.95 (+3.43%)
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