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Amazon has had a run over the past few weeks. Is this the real deal?
To find out, Jim Cramer consulted the fortune teller of the stock market—charts. He spoke with Bob Lang, a technician, founder and senior strategist at ExplosiveOptions.net, to see if this could be a great time to get in on buying more Amazon.
As we head into the holidays, this is typically a time of strength for Amazon. However, reinvigorated competitors like Wal-Mart, Target and Alibaba are putting pressure on Amazon from all sides. Can it continue to deliver?
"Bob Lang thinks that Amazon, which set a new all-time high slightly less than a year ago but is now down 20 percent year-to- date, could be ready to rebound," Cramer said.
Historically, Amazon has delivered during the holidays with excellent sales numbers. The stock has rallied dramatically over the past four or five years from November to year's end, which should signal serious interest both before and after that period of time.
Looking at Amazon's daily chart, the Moving Average Convergence Divergence line (MACD) is an indicator that helps technicians spot when a trend could change. Amazon made a bullish crossover less than two weeks ago and has spiked since that time. Lang views this as a very positive sign for the stock, as this has been a consistent indicator of strength in several stocks.
The weekly chart painted a different picture for Lang. While the daily chart showed Amazon breaking out of a downtrend and forming a new trend, the weekly chart showed that Amazon is still stuck below the downtrend line, at $328. Reviewing the MACD indicator, he saw that it is very close to making a bullish crossover that was seen in the daily chart. Lang thinks that if the stock can break out above $328, then this will happen.
Read more from Mad Money with Jim Cramer
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"My view? Simple, don't bet against Amazon when Christmas is right around the corner … even as I think Amazon's stock is ridiculously expensive versus almost all other Internet plays, especially Alibaba, I don't think the holiday season will be any different this time around," said Cramer.
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