Stock of the day: Amazon

In today’s stock of the day, we’re coming back to one of the market’s big boys – Amazon. The reason is we’re seeing some signs of Amazon finding and establishing a concrete support, which may lead to a further rise in price.

This support is the area around 103 USD. It was a resistance in 2018 and 2019 and it already proved to be a decent support in May and June of this year. October brought us another contact with this area but yesterday’s session brings hope for buyers, because first of all, we opened with a bullish gap but also Amazon made a decent bullish daily candle.

If the positive sentiment on the market persists, the movement towards the green down trendline looks really probable and that is actually the target for Amazon right now.

The positive sentiment will be cancelled, when the price breaks below the blue area, but if there’s no major meltdown of the global sentiment, chances for that are rather limited.