Amazon.com Holds a Key LevelAmazon.com has flirted with new highs for almost two months, and some investors may see an opportunity in its current pullback.
The first pattern on today’s chart is the price zone around $175. It was a low on April 30, immediately before AMZN jumped on strong earnings. The e-commerce stock tested and held the level on Friday, followed by a bullish inside candle on Monday. Is support in place?
Second, the bounce is occurring near the rising 100-day simple moving average. That may reflect a bullish long-term trend.
Third, stochastics have dipped to an oversold condition.
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