AMAZON Is it worth buying now?Amazon (AMZN) broke below its 1W MA50 (blue trend-line) last week for the first time since the week of August 05 2024 and opened this week below it. As you can see, the stock has been trading within a 2-year Channel Up and today's candle is as close to a technical Higher Low (bottom) as it can get.
The previous Higher Low was in fact that Aug 05 2024 candle, which despite breaking below the 1W MA50, managed to post a strong intra-week recovery and close above the it. Technically that was the 'Max pain' situation on every 1W bottom candle in those 2 years.
Every Bullish Leg that followed was around +65.24%, so that gives us an end-of-year technical Target of $300.
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