1/24/2023
Looking at the share price, Spaceman Jeff may have left the Amazon (AMZN) CEO chair at the best time…
(Source: tenor.com)
With this bottomed out look, this should be a simple trade idea.
But I’d still be cautious given how shaky the economic climate is…
The stock just bounced off an area of weekly support and has plenty more underneath it.
Adding to this, it was just last week that the share price moved above the shorter term moving averages, namely, the 8, 13, and 21ema’s (orange, red, green, respectively.)
For swing traders, that’s a reasonably bullish sign…
But let’s look at the gaps.
We’ve got a massive area to be filled on the upside, although there are a couple sprinkled in below as well… And this is why I recommend caution.
The momentum is slightly to the upside with both the TTM Squeeze momentum indicator showing blue bars, meaning we’re on the up and up.
However, the Stochastic below it looks weak — still bullish, but the crossover says weak.
Still, if I’m targeting higher, I’d look no further than the 200ema (green) pointed out on the chart which happens to line up with the gaps I mentioned.
To the downside, fill the gaps.
With earnings on the way, it’s risky… Good luck.
Keep moving,
(Disclosure: I hold no positions in AMZN.)
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