We all agreed that AMZN will break out soon, most aim bullish direction based on its increasingly benefiting monopoly position and overall increased market multiples for tech. Its ST technical though is somewhat bearish with some tweeze top candle (TT on the chart) nearby. So pull back before sprint upward? The second note is that APPL, FB, and MSFT all display all triangle compression patterns. And the big picture is we are likely to have increased talk about capital gain tax increases in 2021 which could put ST pressure on mega caps.
Also, AMZN had a huge squeeze recently and was not able to move much high, a hint of gravity at work or supply pressure.
AMZN had a gap that may get filled to the 3066 levels as well.
Also, AMZN had a huge squeeze recently and was not able to move much high, a hint of gravity at work or supply pressure.
AMZN had a gap that may get filled to the 3066 levels as well.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.