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.
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