Amazon Prime Day Surge: Bullish Momentum in Full Swing – Amazon.com (NASDAQ:AMZN)

Amazon.com, Inc. AMZN The company is in an upward trend, with its shares up 57.30% over the past year and 31.62% year-to-date.

As the e-commerce giant prepares for its annual Prime Day event taking place on July 16 and 17, let’s take a closer look at the technical data to see what investors can expect.

Prime Day is Amazon’s annual event, available exclusively to Prime members, where you can enjoy amazing deals on top brands for two days.

• Exponential Moving Averages (EMA): The stock price is currently holding above the 5-, 20- and 50-day EMAs, indicating a strong uptrend despite some minor selling pressure.

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• Simple Moving Averages (SMA):
  • The 8-day moving average is $198.13 while the stock’s current price is $199.84, which indicates a bullish trend.
  • The 20-day moving average (SMA) is $191.06 and is lower than the stock price, strengthening the bullish signal.
  • The 50-day moving average (SMA) of $186.34 versus the stock’s price of $199.84 also indicates bullish sentiment from a technical perspective.
  • The 200-day moving average (SMA) is $163.38, well below the current price, confirming a strong uptrend.

Also Read: Amazon, Qualcomm and Consumer Cyclical Stocks: CNBC’s ‘Final Deals’

Chart created with Benzinga Pro

• MACD indicator: The Moving Average Convergence and Divergence (MACD) indicator for Amazon stock is 4.35, which indicates a bullish trend and a buy signal.
• Relative Strength Index (RSI): The RSI is at 65.03, which suggests Amazon stock is approaching an overbought level but is still a bullish signal.
• Bollinger Bands:
  • The 25-day Bollinger bands are ranging from $175.41 to $202.95, which means the stock’s current price of $199.84 is above the upper band, which is a bullish signal.

As Amazon approaches the highly anticipated Prime Day, all technical indicators point to continued bullish momentum for the stock.

Despite slight selling pressure and high RSI, the arrangement of EMA, SMA, MACD and Bollinger Bands suggests that Amazon shares are poised for further gains.

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