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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Amazon.Com Inc (NASDAQ:AMZN) based on the price action in the company's shares. Yesterday's price range of $1,886.31 and $1,898.00 is within the prior day'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. Traders and investors interested in shares of Amazon.Com Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Amazon.Com Inc has traded in a range of $1566.76 to $2035.80 and closed yesterday at $1893.47, 21% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

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.

Based on a current price of $1893.47, Amazon.Com Inc is currently 0.9% above its average consensus analyst price target of $1876.88. Amazon.Com Inc shares have support at the 200-day moving average (MA) of $1831.76 and additional support at the 50-day MA of $1799.05.

SmarTrend recommended that subscribers consider buying shares of Amazon.Com Inc on October 17th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $1,793.76. Since that recommendation, shares of Amazon.Com Inc have risen 5.0%. We continue to monitor AMZN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle amazon.com inc

Ticker(s): AMZN