Technology stocks remain market leaders and have willed the market to new highs.
But leadership is overbought. And some tech stock leaders are trading heavy here and in need of buyers soon.
One such stock is Amazon (AMZN).
AMZN has been a monster in this bull trend but may be in need of a pullback. As always, I will share a simple chart to demonstrate the heavy nature of recent trading for this tech goliath.
Note that the following MarketSurge charts are built with Investors Business Daily’s product suite.
I am an Investors Business Daily (IBD) partner and promote the use of their products. The entire platform offers a good mix of tools, education, and technical and fundamental data.
$AMZN Amazon Stock Chart
As you can see, momentum is falling and price is clinging to the 20/50 day moving average. While this may simply be bullish consolidation, it’s always good to monitor leadership stocks when they slow down and price rests on key moving averages / price support levels.
Twitter: @andrewnyquist
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
