After reaching an important support level, Amazon (AMZN) could be a good stock pick from a technical perspective. AMZN surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.

The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.

AMZN has rallied 6% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests AMZN could be on the verge of another move higher.

The bullish case only gets stronger once investors take into account AMZN's positive earnings estimate revisions. There have been 16 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on AMZN for more gains in the near future.

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Amazon.com, Inc. (AMZN) : Free Stock Analysis Report
 
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