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

By Shiri Gupta

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 $1,918.22 and $1,918.22 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.

Amazon.Com Inc share prices have moved between a 52-week high of $2050.50 and a 52-week low of $1307.00 and are now trading 47% above that low price at $1918.22 per share. The 200-day and 50-day moving averages have moved 0.12% higher and 0.71% higher over the past week, respectively.

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.

Amazon.Com Inc (NASDAQ:AMZN) is currently priced 2.2% above its average consensus analyst price target of $1876.88. The stock should discover initial support at its 200-day moving average (MA) of $1746.12 and subsequent support at its 50-day MA of $1737.87.

SmarTrend is tracking the current trend status for Amazon.Com Inc and will alert subscribers who have AMZN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle amazon.com inc

Ticker(s): AMZN