AMZN soars, gaining $25.62 (1.38%) within a single day


Amazon.com Inc. (AMZN) Technical Analysis Report for Apr 22, 2019 | by Techniquant Editorial Team

Highlights

AMZN soars, gaining $25.62 (1.38%) within a single day
AMZN rises to highest close since October 5, 2018
AMZN dominated by bulls lifting the market higher throughout the day
AMZN pushes through Thursday's high

Overview

AMZN finished Monday at 1887.31 surging $25.62 (1.38%), strongly outperforming the Nasdaq 100 (0.31%). This is the biggest single-day gain in over three weeks. Today's close at 1887.31 marks the highest recorded closing price since October 5, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 1870.82, the market confirmed its breakout through the previous session high after trading up to $17.60 above it intraday.

Daily Candlestick Chart (AMZN as at Apr 22, 2019):

Daily technical analysis candlestick chart for Amazon.com Inc. (AMZN) as at Apr 22, 2019

Monday's trading range has been $42.78 (2.31%), that's far above the last trading month's daily average range of $22.28. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AMZN.

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. The last time this happened on April 8th, AMZN actually lost -0.76% on the following trading day. Additionally, two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Amazon. com. Out of 287 times, AMZN closed higher 54.36% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.32% with an average market move of 1.14%.

With four out of the other four FAANG Stocks closing higher today, the ones that stand out on the positive side are NFLX gaining 4.71% and FB closing 1.77% higher. None of the markets ended the day in the red. Read more


Market Conditions for AMZN as at Apr 22, 2019

Loading Market Conditions for AMZN (Amazon.com Inc.)...
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