AMZN is in a primary uptrend but currently lacks a buy signal due to a declining 5-day moving average; the speaker prefers to wait for stabilization before buying.
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Stocks like Amazon. Um let me just erase that from a prior drawing. I have been looking to buy this, but I haven't bought it yet because we have a declining 5-day moving average and we see we're still heading lower from there.
This is the anchor from the Leo low. I don't think it's really important for Amazon.
It's just because I have it on all my charts that it's there. But, it's trying to stabilize right in here, which has been an important level, pretty, you know, for for a while this year.
Prior support in here turned resistance, back to support, maybe.
We can't call it support yet. It's holding up so far, but it's probing it as support.
It still may completely fail. I'd rather wait for evidence and see it do this next week and then be a buyer over here with a stop underneath that level. Earnings are are you know, out of the way.
That's the earnings report anchor as well for this stock. So, you know, it's it's in a primary uptrend.
Let's let it prove itself to us.
What this channel has said about $AMZN
Brian Shannon has 2 calls on this stock; only the adjacent ones are shown.