Chart of the Day: Amazon Takes Another Step Towards New Highs
The stock has been on a nice run this month and seems to have more upside left in the tank.
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Of all the Magnificent Seven stocks we have found Amazon AMZN to be the one that shows the most promise as we soon enter the last quarter of 2024. The stock has been very strong this month, after bouncing around violently in August, but managing to stem the tide of heavy selling.
Amazon has a nice pattern of higher highs, higher lows in place — our textbook pattern of an uptrend. Notice, since the start of September the stock has moved from purple (bearish) to teal to blue (bullish), and that was just within a few weeks. This movement in the GoNoGo composite of indicators tells us buyers are out there taking in stock.
Moving Average Convergence Divergence (MACD) has been on a buy signal crossover for weeks, and the stochastics show strength in the trend with very good momentum. This indicator is now embedded, which means dip buying opportunities. Remember, the best trends do not give you much of a chance to add on dips.
Lastly, money flow is bullish. We like Amazon here to make a big run past $200 by the end of the year.
We rate Amazon a one in TheStreet Pro Portfolio, or buy at any time.
At the time of publication, TheStreet Pro Portfolio was long AMZN.
