Here’s your trade on $AMZN – May 26, 2023
Dan Fitzpatrick, let’s look at Amazon ( NASDAQ: AMZN ). Why am I talking about this? Well, because it is kind of the “Last Mohicans” with respect to being in a situation where the 50-day moving average is below the 200-day moving average.
You’ve got this crossover right here, which I have now circled, you can see this crossover. All the other big dogs, Microsoft ( NASDAQ: MSFT ), and Apple ( NASDAQ: AAPL ), these things happened a long time ago. NVIDIA ( NASDAQ: NVDA ), Netflix ( NASDAQ: NFLX ), and Google ( NASDAQ: GOOGL ), this happened a month ago.
All of these things are working, and Amazon ( NASDAQ: AMZN ) was the laggard. When Amazon ( NASDAQ: AMZN ) is the laggard you really want to be looking at this. If you are going to draw a trendline here, which is sure where I would draw it, this has just broken out. I have no idea how high this is going to go and neither do you.
I would just say this, this is pretty simple, I will leave you with this. This stock is up at the top part of the trading range, up and down, and up and down, and up. I don’t know how far this stock is going to pull back, but it will ultimately pull back.
My suggestion is, to watch how this trades in relation to the 20-day moving average. It doesn’t get back there very much so if it does pull back, that’s when you pull the trigger on this stock. Buy the stock, then switch out to the weekly chart and never think about it again. At least that’s the way I see it.Free Chart