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Consumer | Stocks | Technical Analysis
Chart of the Day: Amazon.com May Be Overbought
David Russell
August 27, 2024

Amazon.com has rebounded from a drop, but some traders may think the e-commerce giant will give back some of its recent gains.

The first pattern on today’s chart is the $181.87 level. It was the low immediately before earnings came out and represented the approximate high last week. Has old support become …

For more, please click here to view the related idea and chart analysis on TradingView.

Amazon.com (AMZN), daily chart, with selected patterns and indicators, courtesy of TradingView.
Tags: AMZN

About the author

David Russell
David Russell is Global Head of Market Strategy at TradeStation. Drawing on more than two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

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