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AMAZON.COM INC (NASDAQ:AMZN) showing some interesting technicals. Here's why.

By Mill Chart

Last update: Apr 3, 2024

A possible breakout setup was detected on AMAZON.COM INC (NASDAQ:AMZN) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NASDAQ:AMZN.

AMZN Daily chart on 2024-04-03

Insights from Technical Analysis

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Taking everything into account, AMZN scores 10 out of 10 in our technical rating. Both in the recent history as in the last year, AMZN has proven to be a steady performer, scoring decent points in every aspect analyzed.

  • The long and short term trends are both positive. This is looking good!
  • Looking at the yearly performance, AMZN did better than 92% of all other stocks. On top of that, AMZN also shows a nice and consistent pattern of rising prices.
  • AMZN is one of the better performing stocks in the Broadline Retail industry, it outperforms 87% of 34 stocks in the same industry.
  • AMZN is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
  • In the last month AMZN has a been trading in the 171.47 - 183.00 range, which is quite wide. It is currently trading near the high of this range.

For an up to date full technical analysis you can check the technical report of AMZN

How does the Setup look for NASDAQ:AMZN

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:

Besides having an excellent technical rating, AMZN also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 180.70. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 179.09, a Stop Loss order could be placed below this zone.

How can NASDAQ:AMZN be traded?

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.

Of course, there are many ways to trade or not trade NASDAQ:AMZN and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

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.

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AMAZON.COM INC

NASDAQ:AMZN (4/19/2024, 7:00:00 PM)

After market: 173.99 -0.64 (-0.37%)

174.63

-4.59 (-2.56%)

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