Amazon (NASDAQ:AMZN) remains pretty much locked into a 6-week trading range, in spite of the market chaos all around it. While it did shed nearly 4% over the course of the 2-day Brexit freakout, it just as quickly regained the majority of lost value, ending Wednesday about on par with the day that preceded the sell-off.

AMZN ended the day at $715.16, close to the top of its recent trading range. That range is defined by support at $688.50 and resistance up at $722. Intra-day, the stock hit $719.50.

However, with AMZN showing such a strong bounce the last couple of days, which was on par with the gains of the broad market indices, it would be convenient to ID the next level of resistance. The stock recently hit an all-time high of $727 inter-day, with an intra-day high of $731.50. So there it is, the over of today’s Over/Under, with the bearish number being $688.50.

AMZN’s 50-day MA ended Wednesday at $695, which could provide some support for the stock.

Right now, AMZN’s PayDayCycle status is +2, with today’s green bar closing above yesterday’s high. AMZN is now in day 2 of a bullish PayDayCycle.

PayDayCycles are 4-8 day trends in stocks that help people swing trade. To learn more about PayDayCycles make sure to grab the free Swing Trading Class on the right sidebar.

AMZN’s MACD remains crossed to the bears, a place of residence for over 6 weeks. The pair of green bars formed over the last few days will require more assistance to change the direction of the stock’s momentum.

Bottom Line: With the overall market in a highly volatile state of mind, and AMZN’s strong fundamentals helping to prop it up somewhat even during a bout of strong bearish sentiment, a continuation of the market’s new and brief bullish sentiment could send the stock out of the current tight trading range and right into the realm of new highs. On the other hand, a souring in sentiment would provide a retest of the current level of AMZN’s range-bound support.