The online books-and-everything-else retailer AMZN is showing a psar bull signal on the second day of a strong rise.
AMZN is trading 7% above Friday's close, at resistance set in mid-January and well above the sideways zone in which the stock traded for all of February.
The chart shows a lot of congestion from the present level, $126.74, up to $140, and additional resistance at the peak of about $146. This is anything but a blue-sky chart at this point.
AMZN gapped up sharply in October on good earnings, to $110.52, rose to $145.91, and has since retraced most of that post-gap rise. This weeks uptrend can be seen as part of a stairstep downward, or sideways fluctuation, but not yet as an uptrend in the making.
The stock is trading well above the ma20. The pps gave a bull signal on Feb. 24, and the macd has been in bull territory since Feb. 11. The mfi is in the neutral zone sloping upward, and the sto is in overbought territory.
Abbreviations:
pps - Person's Proprietary Signal
ma20 - 20-day moving average
macd - Moving Average Convergence-Divergence
mfi - Money Flow Index
sto - Fast Stochastic
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