TradingShot
Long

AMAZON Buy opportunity or collapse?

NASDAQ:AMZN   AMAZON COM INC
AMZN has been one of the top high cap performers after the pandemic strike. The recent selling got many late buyers worried but on a quarterly basis it appears to be a strong buy opportunity.

The pattern is a Channel Up on the log scale since March with the following indicators being is Support of a new rally:

* The price is near the Higher Low trend-line
* The MA20/MA50 are about to form a Death Cross. Last time that happened was on March 13 and that was done on the market bottom.
* The RSI is printing a sequence similar to the bottoming sequence of early March.
* The LMACD is close to forming a Bullish Cross.

Last time those indicators aligned, Amazon made a new High on the 1.382 Fibonacci extension . Assuming the same pattern is followed, we are looking at a $3900 target.

Are you a buyer?? Feel free to share your work and let me know in the comments section!


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Comments

Thanks for sharing!
+1 Reply
Excellent
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nice idea
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market going up
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good work
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Im waiting for weekly 50MA
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Beautiful graphics and explanation. Thank you.
Reply
Thank you sir
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AMZN is like the boat that can't be sunk or capsized! If I were to enter a trade it would be going long!
Reply
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