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AMAZON -15% dip possible. Take advantage of it.It has been 3 months (Nov 17 2023, see chart below) since our last buy trade on Amazon (AMZN), which hit both Targets: February opened with a big gap upwards and the stock has been consolidating ever since. This consolidation, along with the completion of a 1D MACD Bearish Cross last week, is indicative of a top formation. In fact it is similar with the starting sequence of the last Higher High (September 14 2023) of the 1-year Channel Up. The first pull-back/ technical correction of this pattern was a -22.61% decline and the second -18.83%. If the corrections are on a -4% progression, we can assume a -14.60% decline this time. That falls marginally below the 0.382 Fibonacci retracement level (assuming the 2.0 Fib extension from the October 26 2023 bottom will be the peak). As a result, we are expecting $155.00 as a fair pull-back currently and buy entry for the long-term. A break below the 1D MA50 (blue trend-line), will be the technical confirmation of the sell signal. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NASDAQ:AMZNShort
by TradingShot
1
ALIBABA The fall of a former giant continues.Alibaba (BABA) has been trading within a Channel Down since the July 31 2023 High. The 1D MA50 (blue trend-line) has been acting as the basic Resistance while a truly sustainable bullish trend can technically exist only above the 1D MA200 (orange trend-line). Until then every 1D MA50 rejection such as December 28, is a Lower High on the Channel Down and a sell opportunity. Every Lower Low has been greater in decline % terms, the latest was 20.30% so we can see a Lower Low around 62.00 before a rebound, buy we will buy if contact with the bottom (Lower Lows trend-line) of the Channel Down is made earlier. The Target will be +11.00% from that point. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NYSE:BABA
by TradingShot
Shopify Record Breaking $4.1 billion Black Friday SalesShopify - NYSE:SHOP Shopify is having a great year and it appears it just got better, they announced a record-breaking Black Friday, with global sales from its merchants totaling $4.1 billion. Surpassing the previous year's figures, sales saw a substantial 22% increase, peaking at an impressive $4.2 million per minute on November 24, 2023. After 5 positive quarterly earnings in a row and with the annual earnings release in Feb 2024 around the corner, now could be a time to capitalize on this upcoming likely positive Annual Earnings Report release in Feb 2024 (released between 14th – 21st Feb). The Chart There is a clear long term diagonal support level under price and potential break out above key resistance level of $70.00. We are above the 200 day smooth moving average and it is sloping upwards. Entry into the trade should to your desired risk tolerance. Some examples of how you could enter - Entry here allowing for potential loss of 15% (the stop) - Entry at the $70.00 resistance line level (keeping stop at $62.00) - Entry off a the 200 day SMA when ever that occurs and place a stop under the diagonal resistance line (which will like be a similar 15% potential loss). The Risk: Reward is decent at 6, however I would take a significant portion off the table at $91.00 (the 0.618 fib level) or I would at lease raise my stop at this juncture, as it will likely be some form of resistance simply because of the price support/resistance you will see to the left historically and also because it lines up nicely with the 0.618 fib extension. You could also exit the trade entirely at $91.00 and plan a re-entry when we see what happens next. Its only a 22% play here versus a 15% loss, not great. So you need to weigh up what your comfortable with. There is also an argument to hold the position until the annual earnings release in Feb 2024, in this case the position size is key and should be smaller, with capital set aside to average in if we re-visit the 200 or diagonal resistance. There is a trade here and a structure to play off, its up to you how you do it. Carefully select your position size if your making a longer term play, regardless position size should be small with a potential 15% loss. Another alternative is to cut the stop loss to 5%, however I would only do this after a significant pull back of some sort. An interesting year for Shopify, it appears the US consumer is stronger than market commentators might think. As always stay nimble PUKA
NYSE:SHOP
by PukaCharts
AMAZON The rally isn't over yet. Still time to buy and profit.Last time we looked into Amazon (AMZN) on October 30, we called a bullish break-out signal, which in two weeks hit our $146.00 target (see chart below): We zoom out on the 1D time-frame now in order to identify the longer term patterns involved. Based on the 1D RSI which is pricing a Support on the former Lower Highs trend-line, we can see the very same formation on January 18, above the 1D MA50 (blue trend-line). This was also after a break-out above a Falling Wedge, a pattern which formed the market bottom of the Inflation Crisis. The stock shortly after completed a +39.84% rise and peaked just over the 1.382 Fibonacci extension. As a result, we are now targeting initially 156.50 (1.382 Fib) and early in January 165.00 (+39.84% from the bottom). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NASDAQ:AMZNLong
by TradingShot
1
AMAZON 1st bullish break-out made. Only the 1D MA50 left.Amazon (AMZN) made a Channel Down Lower Low on Thursday just before hitting the 1D MA200 (orange trend-line) and following the higher than expected earnings opened Friday much higher. That price jump broke above the September 14 Lower Highs trend-line. The 2nd and final bullish break-out we expect before buying again for the long-term will be above the 1D MA50 (blue trend-line), which is where the October 12 rejection took place. A candle closing above it, would invalidate the medium-term bearish bias and most likely restore the stock back on long-term bullish trend. The 1D RSI Double Bottom is what at the moment is shifting the sentiment a little more towards a potential bullish break-out. On the other hand, a break below the 4H MA200 will cancel it. Our target is 146.00, just under the August 16 2022 High. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NASDAQ:AMZN
by TradingShot