Can $AMZN Amaze us?

Can $AMZN Amaze us?


January 2023


Alex Cole

$AMZN has been a poor performer since the fall of last year.

Now, we see signs of change.  GoNoGo Oscillator showed bullish divergence first as it made higher lows in contrast to the lower lows we saw in price. Then it broke through the zero line and heavy volume (good market participation) followed.  This was quickly followed by GoNoGo Trend which first painted amber “Go Fish” bars (often seen in transitions between trends) and then aqua “Go” bars.  We will watch to see if price can climb further.  If there is a continued pullback, we will of course watch to see if GoNoGo Oscillator can find support at the zero line.  There is resistance overhead from the larger timeframe weekly chart and so we will monitor for continued momentum support.