Amazon shares are trading up around 1.5% on the day and increasing the bullish bias in the process.
In the video above I take a look at the daily chart, and seek two bullish developments over the last few trading days.
- The price low on Friday stalled near the 200 day MA at $214.68. The price low got within $1 of that level .
- Today, the price broke above both the 50 and 100 day MAs. Those moving averages are near converged at $227.50.
Holding the 200 day moving average and breaking above the 50 and 100 day moving averages are a bullish development. Topside target resistance would be near $238.24. Break above that and we could see a run back toward the all-time highs at $258.60 over time.
Buyers are making a play, stay above $225 and they keep control of the bias.
This article was written by Greg Michalowski at investinglive.com.
