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Wednesday, September 13, 2023 2:03:38 PM
By: Schaeffer's Investment Research | September 13, 2023
• AMZN has several layers of support on the charts
• AMZN is seeing attractively priced premiums at the moment, too
The shares of Amazon.com Inc (NASDAQ:AMZN) recently formed a symmetrical triangle pattern on the daily chart, as well as a large cup pattern on the weekly chart. The equity also held its 50-day moving average with a break above the 20-day trendline and maintained support at its $135 level despite recent volatility, which had it oscillating between its January and March 2022 lows and July peak.
![](http://schaeffers-cdn.s3.amazonaws.com/images/default-source/schaeffers-cdn-images/2023/september/intraday/amzn-sep13.png?sfvrsn=e563a906_2)
chart
Amazon.com stock’s 10-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) has rolled over near year-to-date highs, with a sustained move lower producing a nice rally earlier this year. It’s also worth noting that large open interest (OI) at the 135-strike could be supportive of any pullbacks.
Now looks like a good time to weigh in with options. The equity’s Schaeffer's Volatility Index (SVI) of 25% sits higher than just 5% of readings in its annual range, meaning options players are currently pricing in low volatility expectations. Our recommended call option has a leverage ratio of 7.0, and will double on an 18.7% pop in the underlying shares.
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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