Amazon could break the resistance
Updated
Amazon was in a sideways correction mode as most of the tech stocks since the beginning of 2021. At the moment it looks like AMZ was able to stabilize around the SMA 200. In addition, it was a perfect bounce from the 61 Fib following the overall trendline towards the all-time high. Either this will be a bounceback again (which would lead to a triple top) or it will breakthrough. For the moment it looks like the latter, considering the strong earnings growth and the overall trend. Stop-loss should be just below the SMA 200 and the trendline as well as below the 61 Fib (around 3050 - 3100). If AMZ breaks that line we're going to see the 2700 to 2800 area again which would be a good opportunity to buy.
Note
- Positive Outlook: Ascending Triangle in Range- Indicators: bullish
- Trend: bullish
- Stop-Loss: 3100 USD
- Target: 3500 USD
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