Amazon.com Holds the Gap
Amazon.com jumped last month. Now after a pullback, some traders may return to the e-commerce giant.
The first pattern on today’s chart is the price gap on July 29 after revenue beat estimates. AMZN continued higher through mid-August but has now eased back to its price area on the high-volume bullish day.
The level in question is also near the split adjusted low from March 8. That suggests some longer-term support may be in play.
Third, the past week’s slide has pulled stochastics into an oversold condition.
Finally, this chart includes TradeStation’s 2 MA Ratio script with the default settings (8- and 21-day exponential moving averages). The faster EMA remains above the slow EMA despite the past week’s drop, potentially suggesting that its intermediate uptrend remains in effect.
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Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the price gap on July 29 after revenue beat estimates. AMZN continued higher through mid-August but has now eased back to its price area on the high-volume bullish day.
The level in question is also near the split adjusted low from March 8. That suggests some longer-term support may be in play.
Third, the past week’s slide has pulled stochastics into an oversold condition.
Finally, this chart includes TradeStation’s 2 MA Ratio script with the default settings (8- and 21-day exponential moving averages). The faster EMA remains above the slow EMA despite the past week’s drop, potentially suggesting that its intermediate uptrend remains in effect.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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