Amazon near record highs - Analysis - 16-07-2019

Amazon's stock rose after plumbing a session-low at 2002.96, bouncing off it higher and turning the losses into gains, amid the dominance of the main upward trend in the medium and short terms, while trading within an ascending price channel, with positive support from the 50-day SMA, countered by negative signals from the RSI by venting overbought saturation. 

Therefore we expect more gains for the stock, as long as the support of 1964.46 holds on, targeting the historical resistance of 2050.25. 

Expected trend for today: Bullish