Amazon.comLong
AMZN with Possible Long Term Breakout
Updated
AMZN failed to stay above fairly new established trendline on the short time intervals but refused to break and hold below key resistance levels around 1855-1860. On the larger interval charts price action is respecting trendlines well. In fact, we see what looks a breakout from a triangle on the Daily chart. We also see what looks like a MASSIVE ascending triangle forming on the weekly. (1st resistance hit back in September 2018, 2nd resistance hit back in July 2019, 3rd resistance hit TBD- Estimating a touch between late January and early March). If both triangles do justice, then we should see a breakout from the smaller triangle with a strong upward run to the resistance line of the larger ascending triangle, a slight break above, a retest of this new Resistance-turned Support, then a major unparalleled bullish uptrend for AMZN sending the price shattering the $2000 ceiling. From there onwards, the possibilities of price targets are nearly limitless. AMZN will have numerous tightly packed walls of resistances to break through initially to first make it to 1917 though. Currently looking for a break and hold above 1880 for a run to 1900; a break and hold above 1900 for a run to 1917-1920; then a break and hold above 1920 for a run to somewhere in the ballpark around 1960. Currently confirmation coming from upward trending MAs on the Weekly Chart and a bull flag on the daily. Keeping an eye out for major upcoming catalysts (ex: Earnings report coming up on 1/30/2020). AMZN
AMZNNote
Jeez.....I Saw the strong fundamentals and the possible earnings beat acting as a strong catalyst for the stock but my God... Congrats to anyone who got in before ER 👍🏾👏🏾
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