Amazon Helps Pull Market Higher After Bouncing Within This Pattern
Portfolio Pulse from Melanie Schaffer
Amazon.com, Inc (NASDAQ:AMZN) gapped lower at the start of Thursday's trading session but later rose above Wednesday's high-of-day after the CEO of Worldwide Amazon Stores, Doug Herrington, sold 4,000 shares of the company. This move helped to slightly lift the S&P 500 from its low-of-day. From a technical analysis perspective, Amazon bounced up from the lower ascending trend line of a symmetrical triangle pattern, indicating the formation is being recognized by algorithms. The stock has resistance above at $136.83 and at $142.18 and support below at $131 and at $125.93.
September 07, 2023 | 7:24 pm
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Amazon's stock price rose after the company's CEO sold 4,000 shares. The stock is currently trading within a symmetrical triangle pattern, indicating a potential breakout in either direction.
The sale of shares by the CEO of Amazon led to a rise in the company's stock price. Additionally, the stock is trading within a symmetrical triangle pattern, which is often a precursor to a breakout in either direction. This could lead to increased volatility in the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100