AMZN finds buyers again around 3101.21
Amazon.com Inc. (AMZN) Technical Analysis Report for Aug 04, 2020 | by Techniquant Editorial Team
AMZN ended Tuesday at 3138.83 gaining $26.94 (0.87%), slightly outperforming the Nasdaq 100 (0.38%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (AMZN as at Aug 04, 2020):
Tuesday's trading range has been $66.03 (2.13%), that's below the last trading month's daily average range of $113.60. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for AMZN.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
After having been unable to move lower than 3104.00 in the previous session, the market found buyers again around the same price level today at 3101.21. The last time this happened on July 30th, AMZN gained 3.70% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Amazon. com. Out of 540 times, AMZN closed higher 54.26% 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 60.74% with an average market move of 1.66%.
With two of the other FAANG Stocks closing higher and two closing lower today, the winners of the day are NFLX surging 2.21% and AAPL gaining 0.67%. On the flipside the worst performers have been FB closing -0.85% lower and GOOGL losing -0.64%. Read more