Amazon Cloud

Amazon (AMZN) just reached the cloud. The last time this happened was in November 2008. Could be a rare buying opportunity. Does anyone see things differently?

Not financial advice.

Note

20-for-1 stock split is about to happen in a couple weeks. We know what that means... More retail buying for no other reason than it's more affordable.

Note

In my personal experience and observation, the cloud virtually always acts as support unless it's immediately and clearly pierced by the close of the time period. It appears very unlikely that with 3 more trading days left before the month's close, Amazon will drop a third of its value and close below $1,400. With that said though, the cloud is pretty narrow for August/September, so if a pierce occurs, it could be most likely to happen then. As always exceptions can occur, but this has been my experience. Please comment below if you've experienced otherwise.

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