AMZN still stuck within tight trading range

Amazon.com Inc (AMZN) Technical Analysis Report for Apr 16, 2018

Highlights

AMZN finds buyers again around 1427.50
AMZN still stuck within tight trading range
AMZN closes within previous day's range after lackluster session
AMZN ends the day indecisive

TQ Sentiment

Report Sentiment: 0% Neutral
Technical Forecast:

Overview

AMZN finished Monday at 1441.50 edging higher $10.71 (0.75%) on low volume. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for AMZN

Volatility

Monday's trading range was $19.50 (1.35%), that's far below last trading month's daily average range of $46.39. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 1415.70 and 1459.78 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 1459.56. After having been unable to move lower than 1424.52 in the previous session, the stock found buyers again around the same price level today at 1427.50.

Trend

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

Order Flow

Buying might speed up should prices move above the close-by swing high at 1459.78 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 1424.52 where further sell stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

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