AMZN Technical Analysis
Amazon continues to see a little bit of choppiness. We are basically in a larger consolidation area between the $215 region and the $240 region. We are closer to the support level and the 200-day EMA, which is $212.84. Because of this, I do think that if we get a little bit of a drop from here, we probably find some value hunters interested in trying to pick up Amazon.
That being said, it is one of the magnificent seven. So, as it goes, so goes the rest of the market. The softness in pre-market trading on Wednesday is not much to speak of, so I don’t read too much into it.
GOOG Technical Analysis
And finally, Google looks like it is going to open just a touch lower, but quite frankly, this is a very strong market which formed a nice hammer during the previous session. I do think the buyers will be back, and even if they aren’t, the $230 level offers significant support, followed by the trend line, which will be stretching towards that area as well.
Keep in mind that the 50 day EMA is walking right along that trend line. So, dips at this point in time should be thought of as buying opportunities. Volume isn’t particularly impressive, but it’s not particularly anemic either. I still think we will go higher given enough time. Look for bounces that you can take advantage of.
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