Buy Amazon Stock, NVIDIA Stock And Netflix Stock: Today's Technical Trading Ideas

Buy Amazon.com, Inc. (NASDAQ:AMZN) stock now, as it could be all set to go past the $1000 mark again.

Buy Amazon Stock, NVIDIA Stock And Netflix Stock Today's Technical Trading Ideas
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Shares of online retail giant Amazon.com, Inc. (NASDAQ:AMZN) are yet to recover completely from the post earnings weakness. AMZN stock is still down nearly 7% since its Q2 earnings in the last week of July. However, Amazon stock has had a good year till now gaining more than 30% in the year-to-date. Investors looking to take new positions in AMZN stock could very well use this recent rough patch to get long as the Amazon technical chart suggests some strong bullish signals. Amazon shares could soon resume their upward march.

The technical outlook has turned quite positive for the stock. Amazon shares have made multiple bullish crossovers. After the last trading session, AMZN stock broke above its short-term 20-day and long-term 100-day Simple Moving Averages (SMAs). The stock had fallen below its 20-day SMA during the post earnings sell off only to make a bullish crossover yesterday. Amazon shares making a bullish crossover with its long-term 100-day SMA is another strong bullish signal as the 100-day SMA has acted as a strong support to them this year. The bull case is further boosted by the fact that the Moving Average Convergence Divergence (MACD) indicator has also turned bullish for the stock. The MACD line has broken above the signal line from below suggesting a bullish momentum. With MACD trending up and bullish crossovers, AMZN stock looks good to go past the $1000 mark once again. AMZN stock faces its next resistance at its 50-day SMA which presently stands at 988.46.

Amazon daily chart

Buy NVIDIA Corporation (NASDAQ:NVDA) stock.

NVIDIA Corporation (NASDAQ:NVDA) stock is one of the hottest stocks in the market with over 58% gains in the year-to-date. We had recently highlighted in our recent coverage to buy NVIDIA stock on the recent positive cues. Now the technical outlook also gives one more reason to buy the stock. The NVIDIA technical chart flashed a bullish MACD crossover in the last trading session. MACD is a trend following momentum indicator, used to identify buy/sell signals based on the movements of two moving averages of prices. The bullish crossover occurred when NVIDIA's MACD line rose above the signal line indicating a bullish trend. This further boosts the technical scenario, as recently only, the resistance from the 20-day SMA line was broken, another bullish technical signal. However, it would be prudent for NVIDIA bulls to be little cautious here. NVIDIA's Relative Strength Index (RSI) measure is currently at 68.44, just below the commonly used overbought threshold of 70, which means that upside from here could be limited. NVDA stock could be soon in overbought territory as per RSI indicator. However, the Bollinger Bands indicator is still near the center line, at some distance from the upper Bollinger Band. Generally, the combination of above two indicators is considered to be a strong signal. In other words, a rally for Jensen Huang led company shares might be short-lived. Hence, investors need to keep a close eye on NVIDIA's RSI readings and the Bollinger Bands indicator.NVDA Technical chart

Netflix, Inc. (NASDAQ:NFLX) stock makes a bullish MACD crossover.

The third technical trading idea for the day is for video streaming giant Netflix, Inc. (NASDAQ:NFLX). Shares of Los Gatos, California-based company are again making a move up. NFLX stock has gained more than 5% in the last 5 trading days. Now, if the Netflix stock technical chart is to be believed, the stock could continue to climb higher. Recently, the stock has broken above the 20-day SMA in a bullish move. Previously, during the rough patch, NFLX stock found support at its 50-day SMA and shares have bounced back from there. Further, Netflix shares have now made a bullish MACD crossover. The MACD line rose above the signal line to indicate a bullish signal. It is also in line to make another bullish crossover with the center line. The MACD line is very close to the center line and in the next few trading sessions, the stock could see the MACD line rising above the center line to flash another bullish signal. With the RSI and Bollinger Bands indicator still some distance away from showing an overbought signal, the uptrend in NFLX stock is likely to continue. The continuation of an uptrend in Netflix stock looks very much on the cards and traders could benefit buying Netflix stock into this trend.
NFLX Technical chart

If you're looking for more such technical trading ideas, check out our daily trading ideas section. If you're also looking to discover fundamentally solid tech stocks, you should check out our top stock picks from the tech sector, which have beaten the NASDAQ by over 144%. Interested in automotive stock? Then, we also have our top picks from the auto sector, which have beaten the S&P 500 by over 247%.


Sreekanth Anasa Sreekanth Anasa   on Amigobulls :

Neither Amigobulls, nor any members of its staff hold positions in any of the stocks discussed in this post. The author may not be a certified/registered investment advisor, and the opinions expressed should not be treated as investment advice.

Buying and selling of securities carries the risk of monetary losses.Readers/Viewers are advised to carry out their own due diligence and consult their investment advisors before making any investment decisions.

Neither Amigobulls, nor the author have any business relationship with any of the companies covered in this post.

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