Amazon (AMZN) a Great Opportunity to Swing Trade Higher Highs

04/24/2009 10:27 am EST

Focus: STOCKS

Tim Bourquin

Co-Founder, The Traders Expo and The Futures & Forex Expo

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

 

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