Analysts Stay Bullish as AMZN Stock Tests Key Chart Levels

AMZN shares are sitting just below their 80-day and 200-day moving averages

Jan 9, 2019 at 10:22 AM
facebook X logo linkedin


J.P. Morgan Securities this morning came out with a note reaffirming Amazon.com, Inc. (NASDAQ:AMZN) as one of its favorite stocks out of the internet sector. The brokerage firm highlighted the company's diversified revenue stream and its fast-growing digital advertising business that should eventually make it the third largest digital ad platform in the world. Analysts at BofA-Merrill Lynch also released a bullish update, lifting their AMZN stock price target to $2,100 from $2,000. This analyst attention comes as traders also digest some personal news from CEO Jeff Bezos.

So far today, the shares of the e-commerce giant are little changed, last seen at $1,657. At this level, the stock is sitting just below a number of critical points on the charts. For example, the 80-day moving average, one of our favorite trendlines to watch, is perched just above, and is hovering right near the closely watched 200-day moving average. Just below these moving averages is the $1,676 price point, which represents a 50% Fibonacci retracement of the stock's Sept. 4 record high of $2,050.50 and its Dec. 24 bottom of $1,307. Note that the chart below does not include today's early trading action.

amzn stock price

To be sure, Amazon shares have been much more volatile than usual in recent months. Take the security's 60-day historical volatility of 57.6%, which ranks just 2 percentage points from a 12-month peak. In a similar vein, prospective options traders should take note of AMZN's 30-day at-the-money implied volatility of 45.5% that ranks in the 91st annual percentile -- showing higher-than-normal volatility expectations priced into near-term contracts.
 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI