E-commerce giant Amazon.com ( AMZN) has been rallying since the beginning of 2023, but the advance is slowing down and gravity could soon take control of prices.
Let's check out the charts and indicators.
In this daily bar chart of AMZN, below, I see a mixed picture. Prices have climbed higher this year and trade above the rising 50-day moving average line and above the rising 200-day line. The trading volume has been shrinking since early May and suggests that investor interest in AMZN is diminishing.
The daily On-Balance-Volume (OBV) line shows a rise but also a flattening out in recent weeks. The 12-day price momentum study shows a pattern of lower highs since late May as the pace of the advance has been slowing. This is a bearish divergence and can foreshadow an eventual decline. 
In this weekly Japanese candlestick chart of AMZN, below, I can see a mixed picture. Prices have rallied this calendar year so far and prices trade above the rising 40-week moving average line. The trading volume histogram has been weakening since October.
The weekly OBV line shows a "so-so" rise this year. The 12-week price momentum study has been weakening.
In this daily Point and Figure chart of AMZN, below, I can see that prices have reached an upside price target. Reaching a technical price target may influence technically oriented traders to sell and take profits.
In this weekly Point and Figure chart of AMZN, below, I can see that prices have reached and exceeded the price target in the $129 area.
Bottom line strategy: In my last review of AMZN ahead of earnings, I recommended raising stops to $123. Traders should now raise stops to $136.
