Amazon (AMZN) has been correcting lower in price since early October. Prices have made a higher low from November to December but not yet a higher high to give us the simple definition of an uptrend. That higher high could come soon but it could be a coin flip right now. Let's look closer.
In this 12-month daily chart of AMZN, below, we can see that prices are in that no man's land between the declining 50-day simple moving average line and the rising 200-day moving average line. The On-Balance-Volume (OBV) line peaked at the beginning of October and turned down with prices. It bounced in November as prices bounced but it has not yet broken above its own November high.
The Moving Average Convergence Divergence (MACD) oscillator is below the zero line (bearish) and gave a cover shorts buy signal in November but it has not yet crossed to an outright go long signal.
Looking at this weekly chart of AMZN, below, we can see that it is not all that different from the daily chart. AMZN is above the rising 40-week moving average. The weekly OBV line declined from a high in November and has been steady this month. The weekly MACD oscillator signaled a liquidate longs sell at the end of October.
Bottom line: AMZN could use some more base building before it tries to retest or even break above its October highs.