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Possible Bearish Inside Day Candle Pattern Detected for Amazon.Com Inc (NASDAQ:AMZN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Amazon.Com Inc (NASDAQ:AMZN) based on the price action in the company's shares. Today's price range of $1,794.40 and $1,795.57 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Amazon.Com Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Amazon.Com Inc has traded in a range of $1307.00 to $2050.50 and is now at $1794.40, 37% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

Amazon.Com Inc (NASDAQ:AMZN) has potential upside of 4.6% based on a current price of $1794.40 and analysts' consensus price target of $1876.88. Amazon.Com Inc shares have support at the 200-day moving average (MA) of $1731.66 and additional support at the 50-day MA of $1656.37.

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company products include books, music, videotapes, computers, electronics, home and garden, and numerous other products. Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

SmarTrend recommended that subscribers consider buying shares of Amazon.Com Inc on March 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $1,691.90. Since that recommendation, shares of Amazon.Com Inc have risen 6.2%. We continue to monitor AMZN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle amazon.com inc

Ticker(s): AMZN