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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 $2,357.00 and $2,373.78 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.

In the past 52 weeks, shares of Amazon.Com Inc have traded between a low of $1626.03 and a high of $2475.00 and are now at $2360.52, which is 45% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.3%.

Amazon.Com Inc (NASDAQ:AMZN) is currently priced 20.5% above its average consensus analyst price target of $1876.88. The stock should find initial support at its 50-day moving average (MA) of $2067.34 and further support at its 200-day MA of $1894.09.

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 19th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $1,888.83. Since that recommendation, shares of Amazon.Com Inc have risen 25.2%. 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