Good morning traders,
Today I am analyzing Amazon with the upcoming June stock split in mind...We've seen a break of May 2020 support at $2255ish area as well as a Feb 2020 resistance point at $2187ish dropping to a 2018/2019 resistance area at $2039ish area...Today we have seen the stock bounce off of that resistance turned POSSIBLE support with the stock being up 5%ish...We have a GAP fill to the topside up to $2332ish area which also aligns with the .382 FIB...Where do I see this stock going you ask????
IMO it is hard to be bullish on any stock right now even with a stock split on the books...I do believe we see a relief rally to at least fill the GAP to $2332 or the .382 FIB w/ a possibility to move up to the .618(the most important FIB #) at the $2508ish area...From one of these 2 points I believe the stock comes back down to retest that possible support at the $2039ish area.
IF support is broken at the $2039ish area I fully believe the stock falls to fill the lower GAP down to the $1690ish area testing areas from March 2020 as support levels.
All in all there is a possibility to be bullish for the short term but be very careful...I will be looking for a short position at one of the retest points stated above for a move down to retest possible support at $2039ish area and then will wait to see where it goes from there.
What are your thoughts????
As always keep your 200 IQ hat on and be patient
Happy Trading!!!!!!
Today I am analyzing Amazon with the upcoming June stock split in mind...We've seen a break of May 2020 support at $2255ish area as well as a Feb 2020 resistance point at $2187ish dropping to a 2018/2019 resistance area at $2039ish area...Today we have seen the stock bounce off of that resistance turned POSSIBLE support with the stock being up 5%ish...We have a GAP fill to the topside up to $2332ish area which also aligns with the .382 FIB...Where do I see this stock going you ask????
IMO it is hard to be bullish on any stock right now even with a stock split on the books...I do believe we see a relief rally to at least fill the GAP to $2332 or the .382 FIB w/ a possibility to move up to the .618(the most important FIB #) at the $2508ish area...From one of these 2 points I believe the stock comes back down to retest that possible support at the $2039ish area.
IF support is broken at the $2039ish area I fully believe the stock falls to fill the lower GAP down to the $1690ish area testing areas from March 2020 as support levels.
All in all there is a possibility to be bullish for the short term but be very careful...I will be looking for a short position at one of the retest points stated above for a move down to retest possible support at $2039ish area and then will wait to see where it goes from there.
What are your thoughts????
As always keep your 200 IQ hat on and be patient
Happy Trading!!!!!!