Amazon Com Inc (AMZN) Up 1.64%, Breaks Above 50 and 100 Day Averages; Price Base in Formation Over Past 90 Days

The Hourly View for AMZN

Last Updated December 2, 2020, 12:17 GMT

Currently, AMZN’s price is down $-0.87 (-0.03%) from the hour prior. AMZN has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50 and 100 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Amazon Com Inc Daily Price Recap

Amazon Com Inc entered today at $3220.08, up 1.64% ($52.04) from yesterday. As for how volume fared, yesterday’s volume was up 10.57% from the previous day (Monday), and up 49.27% from Tuesday of the week before. The daily price chart of Amazon Com Inc below illustrates.


Amazon Com Inc Technical Analysis

First things first: Amazon Com Inc crossed above its 50 and 100 day moving averages yesterday. Volatility for Amazon Com Inc has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For another vantage point, consider that Amazon Com Inc’s price has gone up 9 of the previous 14 trading days.

Overheard Around the Web

Over on StockTwits, here’s an example of what they’re saying about AMZN:

    $CRWD: ER today. Might be a triple top, but I also see a potential bullish crossover. With how much the stock pulled back yesterday, thinking a lotto shot at this might be worthwhile

    $SPLK: ER today, still feeling like this one has the most potential for a pop today.

    $AMZN: ER est late Jan (watching for breakout attempt #2 today)

    $ATVI: ER est late Jan (watching to see if it can hold over prior resistance)

    $SHOP : ER estimate late Jan, been in accumulation mode for a while now. Once it starts moving its gonna have a nice pop. Still waiting for entry but have a close eye on this as well

    Gonna have a close eye on the SPY. If the market keeps pushing higher I'm going to scale into some more April/Juneish calls for a bunch of stuff (CCL, DIS, XOM, WFC, JPM, etc), if it starts to pullback then I'll wait to scale in. I'm kind of torn on the direction, so kind of in a wait and see mode for the large caps. As always, these are just my views and what I'm seeing as I continue mah learning