$AMZN might have stroke Gold!
AMZNAMZN has been in the news a lot this days. Bezo's going at it with President Biden... First Union and court case awarded to ex-employee. Misuse of customer data... the list goes on.Are you considering buying into the
AMZN stock split?Are you concerned about the impact of all these news on the stock?
I'll say one thing and one thing only; Technology.
Technology; bots, AI, robots, and many more are all the things Amazon going for it. It has been able to reduce the cost of its workforce dramatically while growing into other industries. Yes, Inflation will cost a temporarily reduction in customer purchases as seen in the recent earnings; this will be a temporary impact. The supply chain issues, although ongoing, will be resolved as manufacturers realign their suppliers.
Technical analysis:
Daily Chart
EMA (Exponential Moving Average): The EMAs are inverterd 200/100/50/20 EMA which usually means bad news but wait a minute! What happened on Friday? May 13th? Price action is finally above the 200EMA. Is this a dead cat bounce? Are we seeing a reversal of trends?
TTM Squeeze: Squeezing upwards. Momentum to the upside!
Fib Levels: Parabolic movement to the downside; Wish I shorted the position April 20th during the "Death Cross". Given the very volatile markets, leverage trading is not advised but the current position is too tempting not to go long. More importantly; the price action aimed at the blue all hell goes down support line and crossing back up. Have we seen the bottom and stroke gold?
RSI: Went as low as 18.54 on May 12th (Thursday) and popping back up aggressively. Looks like we are oversold and it's time to make some short-term recovery.
Candle Stick: Summary of last 5 candles equate to a bullish pattern. Dragonfly Doji right above the 200 EMA...
Pattern: Rising wedge pattern (This is a reversal trend pattern)
News: With the upcoming split, this might just be a good time to own
AMZN if you don't already have one. (Not financial advice).
STAKK
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