Stock of the day: Amazon

By Tomasz Wisniewski|

Published: March 21 2023, 11:24 GMT+0

Stock of the day: Amazon

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Yesterday, Amazon announced the layoff of another 9000 employees. This doesn’t really come as a surprise, as it is a part of a larger round of layoffs that began in November. The latest batch is supposed to impact Amazon’s cloud computing, advertising, HR, and Twitch units. What is the chart telling us about the latest moves from the Amazon Board?

Amazon is still in the bearish territory, but with a prospect of a bullish reversal. This optimism stems from the fact that in the past few months, the price created an inverse head and shoulders pattern (yellow). The pattern is there, but is not active yet. What we need for a technical buy signal is Amazon climbing above the green neckline around 102 USD. This alone might be just fine but the fact that two down trendlines (red) are close is not encouraging.

To increase the chances of a bullish success before going long, I would love to see Amazon breaking above the two red down trendlines. Chances of that happening are significant, especially with the latest switch to the risk ON mode on the market.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-amazon

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