Uncovering Noteworthy Technical Analysis Findings for AMAZON.COM INC (NASDAQ:AMZN).

Our stock screener has detected a potential breakout setup on AMAZON.COM INC (NASDAQ:AMZN). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NASDAQ:AMZN.

Technical analysis of NASDAQ:AMZN

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

Overall AMZN gets a technical rating of 10 out of 10. Both in the recent history as in the last year, AMZN has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, AMZN did better than 88% of all other stocks. On top of that, AMZN also shows a nice and consistent pattern of rising prices.
• AMZN is one of the better performing stocks in the Broadline Retail industry, it outperforms 83% of 32 stocks in the same industry.
• AMZN is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so AMZN is lagging the market slightly.
• In the last month AMZN has a been trading in the 216.20 - 231.40 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of AMZN for a complete technical analysis.

Looking at the Setup

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NASDAQ:AMZN currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.

AMZN has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a support zone below the current price at 222.78, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NASDAQ:AMZN be traded?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.