Amazon.com (AMZN): A Different Take

Three weeks ago I looked at Amazon.com (AMZN) and suggested that analysts still had room to jump aboard the stock. I was just scanning the web and noticed that video blog site Wallstrip covers Amazon today. Wallstrip, of course, covers the stock from a different angle than what I do, so you might want to check it out.

From my perspective the most interesting thing about Amazon is that despite the clear signs of life from the stock, the Street remains indifferent. According to Zacks, 5 of 16 analysts rank the stock with a "buy" rating.

The weekly chart below follows up on the daily pattern I discussed last month. Here you can see the "rounding up" pattern as well as the former resistance near 60. AMZN shares have pushed above that former cap and are now using that zone as support.