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Amazon in Technical No Man’s Land

Shares of Amazon (NASDAQ: AMZN) traded fractionally higher today on no news but the stock sits in the middle of it’s technical range.

Currently, Amazon’s 200 day moving average sits at $344.91 and its 50 day is $312.96. The stock’s closing price of $327.62 places it perfectly in the between the two averages.

Amazon reached an intraday high of $340.72 before selling off to current levels–a level that roughly matched an April 24 high of $337.50.

The stock is currently in a short-term basing pattern. No recommendation can be given as to the direction of the stock at this time. Investors are advised to wait to establish any new position until the stock provides direction.

Disclosure: At the time of this writing, Tim Parker was long Amazon.

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