Hold Amazon Stock And XG Technology Inc, Sell FitBit Inc - Top Crossover Trades For Today

Here is the summary of today's top crossovers. Shares of e-commerce giant Amazon (NASDAQ:AMZN) have found support from its 100-day moving average line. After breaching its 50-day moving average support line, XG Technology (NASDAQ:XGTI) stock is looking to find support from 100-day moving average. Fitbit (NYSE:FIT) stock will continue to trend downwards.  If you want to see the complete set of technical trading ideas for today check them out here.

Amazon.com Inc (NASDAQ:AMZN) stock is testing the 100-day moving average. Will the support hold?

Shares of the eCommerce giant Amazon.com Inc (NASDAQ:AMZN) continue to remain under pressure. Amazon stock is down over 8% since the earnings. Amazon has missed on the earnings. The stock came again under pressure after President Trump took to Twitter to criticize the eCommerce giant for "destroying jobs". "Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt - many jobs being lost!"  he had tweeted on Wednesday.

Amazon stock has breached its 50-day moving average support line and is now testing its 100-day moving average line. As can be seen in the technical chart, Amazon stock had bounced back after testing the 100-day moving average a week back and is likely to do so again.

AMZN Technical chart

xG Technology Inc (NASDAQ:XGTI) stock finds support.

Shares of advanced wireless communications solutions XG Technology (NASDAQ:XGTI) continued to trend lower in yesterday's trading session closing the day 9% lower. xG Technology stock has sold off over 20% percent since the company reported its second quarter earnings on Tuesday after the market close, which did contain some positive development, especially that fact that the "going concern" issue didn't find any mention in the company's SEC filing. The stock breached 50-day moving average line yesterday and is now about to test the 100-day moving average line. As you can see in the technical chart below, the 100-day moving average has acted as a strong support for xG Technology stock over the past few months. Given the strength of this support line, XGTI stock is likely to bounce back.
XGTI Technical chart

Fitbit Inc (NYSE:FIT) stock will continue drop.

One of the world's top fitness tracker maker Fitbit (NYSE:FIT) has seen its market share in wearable segment continue to dwindle. Fitbit's global share of the wearables market fell from 23% to 12%. As a result, Fitbit stock has come under tremendous pressure. The stock is down more than 50% in the last one year and is likely to continue downwards. The stock has lost around 8% since Monday and has breached major technical support levels. The stock had earlier breached its 20-day and 100-day moving averages and closed below its 50-day moving average line during yesterday's trade. Moving Average Convergence Divergence has also turned bearish, indicating that the sell-off in the Fitbit stock is likely to continue.
FIT Technical chart

 

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Kumar Abhishek Kumar Abhishek   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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