Amazon Above Average Volume

Published on Friday, 03 February 2012 11:38 Written by TradersHuddle Staff

New York, February 3rd (TradersHuddle.com) - Unusual high volume detected on shares of Amazon.com, Inc. (NASDAQ:AMZN), early in the trading session. Amazon is currently trading higher by 1.26%, so definitely the buyers stepping in, as the stock's volume is already above average.

Amazon.com, Inc. (NASDAQ:AMZN) operates as an online retailer worldwide. The company serves its consumer customers through its retail Websites and focuses on selection, price, and convenience. It also offers programs that enable seller customers to sell their products on its Websites and their own branded Websites. One of the biggest seller items for Amazon is books and e-books, which can be read with Amazon's Kindle e-reader.

Amazon has already traded 1.325 times its 3-month average volume, and has calculated support and resistance at $172.00 and $196.50 respectively. Traders like to use volume as their lie detector for price action moves through predefined trading ranges.

The overall market index S&P 500 is trading higher by 1.3% from its previous trading close, which means that Amazon stock is underperforming the overall market.