Keep an eye on Amazon (AMZN).

Since 2016, every time there’s been a golden cross (50-day moving average jumps above the 200-day moving average), the stock has turned even higher.

Around the start of April 2016, a golden cross appeared before the stock ran from about $30 to about $100. It happened again at the start of 2020 before the stock ran from about $85 to $178. It would happen in late May 2023 before AMZN ran from about $115 to $239.

And it’s just starting to appear again now at $221.55. Granted, the golden cross isn’t a perfect indicator, it’s well worth paying attention to when it appears in a chart.  

As noted by CNBC, “While it has rallied more than 30% over the past three months, it remains nearly 8% below its intraday record high set in early February. Now that Amazon has formed the golden cross chart pattern, a run back to those levels could be in the cards.”

Sincerely,

Ian Cooper