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AMAZON.COM INC (NASDAQ:AMZN) Technical Analysis observations.

By Mill Chart

Last update: Apr 11, 2024

AMAZON.COM INC (NASDAQ:AMZN) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NASDAQ:AMZN.

AMZN Daily chart on 2024-04-11

Analyzing the Technical Aspects

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of 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.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • When comparing the yearly performance of all stocks, we notice that AMZN is one of the better performing stocks in the market, outperforming 93% of all stocks. We also observe that the gains produced by AMZN over the past year are nicely spread over this period.
  • AMZN is part of the Broadline Retail industry. There are 34 other stocks in this industry. AMZN outperforms 90% of them.
  • 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 173.52 - 187.34 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 do we evaluate the setup for NASDAQ:AMZN?

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NASDAQ:AMZN exhibits a 8 setup rating, indicating its consolidation status in recent days and weeks.

Besides having an excellent technical rating, AMZN also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 182.62, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade NASDAQ:AMZN?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

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

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.

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AMAZON.COM INC

NASDAQ:AMZN (5/17/2024, 7:00:01 PM)

After market: 185 +0.3 (+0.16%)

184.7

+1.07 (+0.58%)

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