Amazon stock surges after brief dip below 50-day moving average
Shares of Amazon.com Inc. (AMZN) rallied 2.4% in midday trade Tuesday, to climb back above its 50-day moving average (DMA) after a brief dip below it. The 50-DMA, which many chart watchers use as a guide to the short-term trend, currently extends to $1,607.54, according to FactSet. The stock closed below the 50-DMA on Friday and Monday, to mark just the second and third closes below the widely watched line in the 25 sessions it closed back above it on Jan. 7. Meanwhile, the stock remains well below its 200-DMA, which is viewed as a dividing line between longer-term uptrends and downtrends, and currently extends to $1,722.80. Helping fuel the upbeat sentiment, D.A. Davidson affirmed its buy rating on Amazon and its stock price target of $2,450, which is 50% above current levels. Separately, Amazon announced late Monday that it bought home-mesh WiFi systems provider Eero for an undisclosed sum. The stock has slipped 0.5% over the past three months, while the S&P 500 has gained 0.6%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 12, 2019 11:46 ET (16:46 GMT)
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