Amazon shares are on a huge tear and closing in on a 'golden cross'

The stock has rallied 33% since its huge earnings beat January 29, according to Bespoke Investment Group.

And what's more, the recent rally puts Amazon shares on the edge of a "golden cross."

A "golden cross" is a technical indicator that happens when a stock's 50-day moving average crosses its 200-day moving average, indicating that a stock is poised to go higher.

Bespoke writes:

"As we've mentioned before, golden crosses aren't a sure-fire buy signal by any means. But for AMZN, golden crosses have been a pretty good signal over the last ten years. The last time we saw this happen with the name, shares rallied 19.45% over the following year."

Late last month, Amazon reported fourth-quarter earnings per share of $0.45, versus estimates of $0.27, and $29.33 billion in revenues, compared to expectations of $29.68 billion.

The stock surged nearly 14% in after hours trading after the earnings release.

In trading on Thursday, shares of Amazon were up by as much as 1.6% at around $380.

Here's the chart from Bespoke showing all of Amazon's golden crosses over the last 10 years.

Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.