Followers | 6 |
Posts | 1163 |
Boards Moderated | 0 |
Alias Born | 10/25/2016 |
![](https://investorshub.advfn.com/uicon/580741.png?cb=1480793282)
Sunday, August 20, 2017 12:43:31 PM
https://amigobulls.com/articles/2017-08-18-amazon-com-inc-amzn-stock-is-heavily-oversold-should-you-buy-now
![](http://static.amigobulls.com/articles/wp-content/uploads/2017/08/small_width400_Amazon.com-Inc.-AMZN-Stock-Is-Heavily-Oversold.-Should-You-Buy-cover-image.jpg)
$AMZN
Amazon Stock is heavily oversold
The Amazon stock technical chart is flashing multiple encouraging signs. As we had covered in our "Top crossover trades for today', Amazon stock price is testing its 100-day simple moving average, a support line the stock hasn't breached even once in 2017. In addition to the strong support from the 100-day SMA, Amazon stock has also entered the oversold territory, as per the RSI (Relative Strength Index) indicator. The RSI reading for Amazon is currently 28.72, well below the oversold threshold of 30. To put it another way, Amazon stock could have bottomed out for now. The oversold signal is also supported by another popular technical tool; Bollinger Bands. Amazon stock price is currently trading close to the lower Bollinger band, which implies that a move higher could be just around the corner.
To sum up, Amazon stock price has been caught up in a correction following its latest earnings release. Just when it looked like the stock had bounced off the 100-day SMA, president Trump's comments sent the stock further lower to test the 100-day SMA once again. Given the over 11% drop in Amazon stock price from its pre-earnings peak, it's likely that most of the weak hands (booking profits) have exited the stock. Supported by encouraging technical signals, Amazon stock might have bottomed out for now. Hence, long term investors should use this dip to accumulate Amazon shares on the cheap.
Looking for fundamentally strong tech stocks? Check out Amigobulls' top stock picks from the tech sector, which have beaten the NASDAQ by nearly 140%. Interested in automotive stock? Then, we also have our top picks from the auto sector, which have beaten the S&P 500 by over 234%. If you're a trader though, you should check out our daily trading ideas section for daily, free updates on the latest crossovers and other popular technical signals.
For direct communication email me futurebankruptcy at gmail dot com
Recent AMZN News
- Broadcom Down 10% Post-Earnings, UiPath Up 8%; Qualcomm Eyes Intel Assets; Salesforce Acquires Own Company • IH Market News • 09/06/2024 11:59:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/05/2024 08:20:13 PM
- Central Japan Railway Company Selects AWS for Yamanashi Maglev Line to Drive Efficient Operations for its Next-Generation, High-Speed Train Service • Business Wire • 09/05/2024 05:02:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/30/2024 08:26:21 PM
- Intuitive Machines Soars 18% on NASA Contract, Intel Considers Splitting Operations, Dell Reassesses Selling SecureWorks • IH Market News • 08/30/2024 10:00:08 AM
- Big Lots Falls 27%, Considers Bankruptcy; DraftKings Acquires Simplebet, Berkshire Hits $1 Trillion • IH Market News • 08/29/2024 10:06:50 AM
- AWS Parallel Computing Service is Now Generally Available, Designed to Accelerate Scientific Discovery • Business Wire • 08/28/2024 07:23:00 PM
- Stacks Prepares Nakamoto Upgrade, Record Bitcoin ETF Inflows, Semler Scientific Expands Bitcoin Reserves • IH Market News • 08/26/2024 10:35:56 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/23/2024 09:18:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/23/2024 09:09:40 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/23/2024 09:02:24 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/23/2024 08:55:55 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/23/2024 08:49:06 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/23/2024 08:42:25 PM
- Form N-PX - Annual Report of proxy voting record of management investment companies • Edgar (US Regulatory) • 08/23/2024 08:21:42 PM
- Cruise and Uber Join Forces for Robotaxis, Alibaba Shifts Primary Listing to Hong Kong, Altria Hikes Dividend 4.1% • IH Market News • 08/23/2024 12:20:26 PM
- AWS startet Infrastrukturregion in Malaysia • Business Wire • 08/22/2024 08:06:00 PM
- AWS、マレーシアでインフラストラクチャーリージョンを立ち上げ • Business Wire • 08/22/2024 04:26:00 PM
- AWS lance une région d’infrastructure en Malaisie • Business Wire • 08/22/2024 12:56:00 PM
- AWS Launches Infrastructure Region in Malaysia • Business Wire • 08/22/2024 01:01:00 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/21/2024 08:25:53 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/21/2024 08:25:29 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/21/2024 08:25:16 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/21/2024 07:51:16 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/21/2024 07:45:46 PM
Simple Stock Loans Announces Unique Solutions For Investors Looking for Alternative Liquidity Amidst Recent Small Cap Rally Sep 6, 2024 9:30 AM
Reliant Coffee Debuts at #271 on the Inc. 5000 List of Fastest Growing Companies - Coffee Service Industry Disruptor Brews Up Exponential Growth Sep 5, 2024 11:51 AM
VAYK Confirms Receiving Revenue from First Airbnb Property with 1.4 Million Annual Revenue Goal • VAYK • Sep 4, 2024 9:34 AM
Mawson Finland Limited Expands Known Mineralized Zones at Rajapalot: New Lens Intercepts 21.75 m at 5.25 g/t Gold & 515 ppm Cobalt • MFL • Sep 4, 2024 9:02 AM
Integrated Ventures Acquires 51% Stake In GetTrim.Com (TM), Telemedicine Platform With Focus On Expansion Into Booming GLP-1 Powered Weight Loss Market • INTV • Sep 4, 2024 8:45 AM
Avant Technologies Announces Strategic Review Process Intended to Maximize Shareholder Value • AVAI • Sep 4, 2024 8:00 AM