AMZN closes within prior day's range after lackluster session


Amazon.com Inc (AMZN) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
AMZN closes above its opening price after recovering from early selling pressure
AMZN unable to break through key resistance level
AMZN runs into sellers again around 1594.00
AMZN closes within previous day's range after lackluster session
AMZN ends the day indecisive
TQ Sentiment
Report Sentiment: 28% Bearish
Technical Forecast:
Overview

AMZN ended Thursday at 1581.76 losing $5.52 (-0.35%) on low volume. Trading up to $7.56 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior 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

Thursday's trading range was $21.00 (1.33%), that's below last trading month's daily average range of $32.31. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Unable to break through the key technical resistance level at 1590.00, the market closed below it after spiking as high as 1594.00 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move above 1594.43 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 1594.00.

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 nearby swing high at 1594.43 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 1565.22 where further sell stops could get triggered. With prices trading close to this year's high at 1638.10, upside momentum might speed up should Amazon be able to break out to new highs for the year. As prices are trading close to May's low at 1546.02, downside momentum could accelerate should AMZN mark new lows for the month.

Conclusion

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

Market Conditions for Amazon.com Inc
Condition Forecast Direction Win Avg Worst Best Events
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Close near high of period TQ Pro Members Only
Bullish Hikkake Pattern TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

AMZN breaks below prior session low

Aug 17, 2018
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