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.
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.