Today, we’re going to see what’s setting up on Amazon.com, Inc. (AMZN).
You’re undoubtedly familiar with Amazon, the second-largest retailer in the world and the largest online retailer.
When we recently looked at AMZN, it was headed lower, possibly to enter into a bear market (based on the popular definition of a 20% decline from highs).
But, not so fast! AMZN bounced off support.
Now we can take a look at where it stands now by analyzing the daily chart below:
After holding support, AMZN put in a higher low and kicked back up over the midline of its Keltner Channel.
It’s now taking a pause, but as long as it remains above the midline, we can watch for a buy signal to set up.
Analyst, Chart of the Day