New York, April 20th (TradersHuddle.com) - Amazon.com, Inc. (NASDAQ:AMZN) closed the trading day at $191.10, near its 50 day and 200 day moving averages set at $188.13 and $200.61 respectively. Amazon's price action placed the stock above the 50 day moving average but below its 200 day moving average, providing a nice trading setup with clear reference points.
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 seems to be setting up for a tight range between the 50 day moving average as support and the 200 day moving average serving as resistance.
A tiered approach appears to be the best way to maximize possible movements in the stock, as traders could establish a small position in Amazon and wait for the stock to break out above the 200 day moving average at $200.61. Then they could add to the position as momentum builds with the breakout. On the other hand, if support being referenced at the 50 day moving average set at $188.13 breaks, it could signal further downside for Amazon in the horizon.
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