AMZN rockets, gaining $78.44 (2.93%) within a single day
Amazon.com Inc. (AMZN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
AMZN ended the month 12.96% higher at 2758.82 after surging $78.44 (2.93%) today, outperforming the Nasdaq 100 (1.96%). This is the biggest single-day gain in over two months. The last time we've seen such an unusually strong single-day gain on June 9th, AMZN gained 1.79% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 2696.80, Amazon. com confirmed its breakout through the prior session high after trading up to $72.83 above it intraday.
Daily Candlestick Chart (AMZN as at Jun 30, 2020):
Tuesday's trading range has been $94.60 (3.52%), that's above the last trading month's daily average range of $66.03. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AMZN.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 2782.57 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 2782.57 where further buy stops might get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Amazon. com. Out of 439 times, AMZN closed higher 56.04% 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 62.19% with an average market move of 1.44%.
With four out of the other four FAANG Stocks closing higher today, the ones that stand out on the positive side are FB gaining 2.91% and NFLX closing 1.74% higher. None of the markets ended the day in the red. Read more