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Shares of Amazon.com, Inc. (NASDAQ:AMZN) closed the trading session at $137.1 below calculated support at $138.69, breaking the stock technically, raising concerns by investors, as the move might trigger more selling. Amazon.com, Inc. (NASDAQ:AMZN) operates as an online retailer worldwide. The company serves its consumer customers through its retail Websites and focuses on selection, price, and convenience. It also offers programs that enable seller customers to sell their products on its Websites and their own branded Websites. One of the biggest seller items for Amazon is books and e-books, which can be read with Amazon's Kindle e-reader. Amazon's stock was trading in a well defined range with support at $138.69 and resistance at $151.09; given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction. From a technical perspective it can be expected that previous support becomes resistance, as the new range gets defined, however, given that Amazon's stock is still near the broken support, traders will be focusing on $138.69 to see if the stock can bounce back and return to its previous range. Traders wanting to establish a short position in Amazon can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes at previous support of $138.69. For traders wanting to establish a long position the current setup is to wait for the stock to get back to calculated support, given that the stock is still near from this level. |
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Is Goldman on the Verge of a Trend Reversal? |
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Shares of Goldman Sachs Group, Inc. (NYSE:GS) ended Friday's trading session lower by $1.65 or -1.04% from its previous close. Goldman's price action formed what is considered to be a bearish engulfing candlestick chart pattern. The Goldman Sachs Group, Inc. (NYSE:GS), a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services. The Company provides services to corporations, financial institutions, governments, and high-net worth individuals. Goldman's current stock range is defined by calculated support defined at $155 and by the resistance level at $186.41, which should be used by traders planning their trades. Traders wanting to establish a position in Goldman Sachs stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Goldman Sachs shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. |
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Bearish Engulfing Candlestick at UPS |
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Shares of United Parcel Service, Inc. (NYSE:UPS) ended Friday's trading session lower by $0.68 or -0.99% from its previous close. UPS' price action formed what is considered to be a bearish engulfing candlestick chart pattern. United Parcel Service, Inc. (NYSE:UPS) delivers packages and documents throughout the United States and in other countries and territories. The Company also provides global supply chain services and less-than-truckload transportation, primarily in the U.S. UPS's business consists of integrated air and ground pick-up and delivery network. UPS' current stock range is defined by calculated support defined at $55.77 and by the resistance level at $69.74, which should be used by traders planning their trades. Traders wanting to establish a position in UPS stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current UPS shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. |
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Shares of E*TRADE Financial Corporation (NASDAQ:ETFC) closed on Friday higher by $0.01 or 0.59% from its previous close. E*TRADE's shares price action formed what is considered to be a doji close, where the open and close prices are very close to each other, mainly signaling an indecision between buyers and sellers. E*TRADE Financial Corporation (NASDAQ:ETFC) provides online brokerage and related products and services primarily to individual retail investors. The company offers investor-focused banking, primarily sweep deposits and savings products. E*TRADE's current stock range is defined by a trough, which marks calculated support at $1.65 and by a peak that marked the resistance point at $1.7671. These levels are closely watched by traders managing their positions. Traders wanting to establish a position in E*TRADE or traders that are already holding the stock can use the doji close to their advantage, since the pattern present a short term pause in the stock's price action. This pause results in an entry point for traders depending of which way the stock resolves this short term indecision. Doji are important candlesticks that provide information on their own and as components in a number of important patterns. Doji form when a security's open and close are virtually equal. The length of the upper and lower shadows can vary and the resulting candlestick looks like a cross, inverted cross or plus sign. Alone, doji are neutral patterns. Any bullish or bearish bias is based on preceding price action and future confirmation. In the case of E*TRADE, given that the stock finished the session higher, bulls should monitor their positions for confirmation that stock will continue higher by taking today's intraday high.
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Patience with Sprint Nextel |
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Shares of Sprint Nextel Corporation (NYSE:S) closed the trading session at $3.80 near its 200 day moving average currently set at $3.83.
Sprint Nextel's price action is below this important level, which makes the stock difficult to buy, as there will certainly be resistance as it approaches its 200 day moving average.
Sprint Nextel Corporation (NYSE:S) offers a range of wireless and wireline communications services. The Company develops, engineers, and deploys various technologies, including two wireless networks offering mobile data services, instant national and international push-to-talk capabilities.
Latest price action range, defined by a peaks and troughs algorithm places calculated support at $3.45 and calculated resistance at $4.14. These levels are being closely watched by traders, as they provide great reference points for the latest price dynamics in Sprint Nextel shares.
Traders should evaluate their trade if they want to establish a position on Sprint Nextel given the resistance expected as the stock approaches the 200 day moving average. A trade might materialize as the stock manages to break this important level, as it could be used as support going forward, however until the break materializes, traders need to exercise patience.
Other levels that traders will be evaluating are the ones defined by the peak and troughs algorithm that provides great price action reference points.
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