AMZN closes within prior day's range after lackluster session
Amazon.com Inc. (AMZN) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (AMZN as at May 17, 2018):
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.
With three out of the other four FAANG Stocks closing lower today, the ones that stand out on the negative side are NFLX losing -0.9% and AAPL closing -0.63% lower. On the flipside the best performer has been FB closing 0.31% higher. Read more