Amazon (AMZN) – Bullish DailyPlay for Thursday August 2nd, 2018

The bullish DailyPlay we chose for Thursday, Aug 2nd is Amazon (AMZN). AMZN is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 1.16% move higher and its 1m and 6m trend has turned neutral and bullish on 7/31 while bouncing higher off its $110 support level.

Amazon’s 1m and 6m trends turned bullish yesterday and recently bounced higher off its $1765 support level. With a technical score of 9 (out of 10), AMZN is a strong bullish stock that will likely continue higher.

View this Trade Idea on AMZN

As a stop loss, if AMZN was to trade below $1765 for multiple days, this would invalidate our analysis and suggest getting out of the trade.