Amazon stock rallies toward 1st close above the 50-day moving average in 2 1/2 months

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Shares of Amazon.com Inc. rallied 2.0% in afternoon trading Thursday, putting them on track to close above its 50-day moving average (DMA), which many chart watchers view as a short-term trend tracker, for the first time since April 19. The 50-DMA came in at $114.65 on Thursday according to FactSet, the lowest reading for the trend tracker since June 4, 2020. The ecommerce and cloud giant’s stock traded briefly above the 50-DMA on Wednesday intraday, but closed below it. While that’s an upbeat technical development for the short term, the 50-DMA and stock still remain well below the 200-day moving average, seen by many…

This article was originally published by Marketwatch.com. Read the original article here.

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