Amazon (AMZN) a Great Opportunity to Swing Trade Higher Highs
04/24/2009 10:27 am EST
Don’t tell Amazon.com (AMZN) there’s a recession going on. The Internet retailing giant posted quarterly earnings after the closing bell yesterday (Thursday, April 23) and beat estimates by a dime per share.
A quick glance at their stock price over the past six months shows a nice upward trend with higher highs on the daily chart.
The strength it’s showing above its 50- and 200-day moving averages is impressive and a great opportunity to ride it a bit higher for a nice multi-day swing trade. If it can break above the $84 area, there’s not much on the chart stopping it from heading to $90.
By Tim Bourquin, Trading Content Director, MoneyShow.com