Chart of the Day: Will Amazon Deliver the Goods Tonight?
The stock has rallied over the past two weeks, but is stuck at the top of a range.
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One of the two big names to watch Thursday is Amazon (AMZN) , which reports their quarterly numbers after the close (the other is Apple (AAPL) ). A recent move higher on good volume tells us big money is coming after the shares. Momentum is strong with stochastics up nearly overbought, and the moving average convergence divergence (MACD) is still on a buy signal from about two weeks ago.
More impressive is the money flow at the bottom, which continues to extend higher each positive day. That is important to see, but in the end we look at the price chart and see a stock that is simply bouncing around in a range. A breakout looks imminent but it might take really strong earnings and a positive response to get there.
Keep an eye/ear out for expectations this coming quarter and how their holiday season is shaping up. This quarter is often the best for Amazon and with shoppers ready to spend it has become the Super Bowl for the company.
We like Amazon in TheStreet Pro Portfolio and rate it a One, or "buy at anytime."
At the time of publication, TheStreet Pro Portfolio was long AMZN and AAPL.
