Amazon : Buying Opportunity is seen in the stock. The stock is trading above the EMA's and the indicator is showing uptrend confirming a buying opportunity.

The stock made a gap down opening on 30th July and was trading at lower level for few days recently the stock has started moving filling the gap.

The stock was correcting at higher level for continuous 2 day indicating selling pressure, yesterday we saw the stock taking a support at the EMA and bouncing back and closing near its high, today the stock has open just below the close of previous day and bounce backed making the open as low of the candle and now its trading near its high.

The stock is expected to trade higher and make a new high in coming days, we will trade for some return with a strict SL.

If the stock closes above the line marked on the chart, taking long position would be advised, maintaining a SL of 1% and a return of 2%.

The Rsi is following price and is confirming the move.

MACD crossover is seen and is trading below 0, we can expect it to trade above 0.

The STOCHASTIC RSI crossover can be an another confirmation.

Advice : Buy only if the stock close above mentioned level.

Buying Opportunity

Sep 07 2021