Amazon (AMZN) Shares Turn Positive as Technicians Buying

Since turning positive about a half hour ago, Amazon.com (Nasdaq: AMZN) shares have continued higher and now appear to be hanging onto a modest gain for Friday's session. After trading to an intraday low of $182.35 earlier, shares of Amazon last traded at $185.32, up about 0.5 percent from Thursday's closing price.

While we are not hearing any company-specific news which would push the stock higher, technicans may be buying the stock following a textbook bounce off the 200-day simple moving average just before noon. Amazon shares have rallied about 1.2 percent since then.

Volume is rather light Friday; trading in the stock did not spike higher as the price began pushing off near-session lows.

The latest news related to Amazon comes from Android and Me: Google (Nasdaq: GOOG) has hired Asustek to produce a 7-inch display Nexus tablet priced between $149-$199. Traders are already considering the rumored device a shot at Amazon's Kindle Fire.

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