Right here we can see Amazon, which is in very good shape...almost sexy! ;)
There is a Triangle forming, which is a bullish sign, especially at a record high. Most of the time, the pennant leads to higher highs, which more or less is the height of the all-time high and the first low of the triangle. Expecting 4200USD at a 25% rise, Amazon which had 106billion Q4 earnings in the year of Corona 2020, expected was 95, and which is in addition to this, the highest earnings for a single quarter...This is pure jet fuel to me.
Regarding the global change to digitality and a technoculture of digital payment, clouding, and online culture, I think Amazon will be and already is a giant forming and shaping the future of business. Not just selling but creating marketplaces, being a service provider and a logistics monster, Amazon will do pretty good, at least this decade, that is FOR SURE in my humble opinion. Anyway, getting back to technical analysis: -As you can see, RSI (relative strength index), the "strength of the market" looking strong, being in a healthy uptrend, not being overbought or sold, pretty natural higher highs and higher lows, especially from September 2020 until today (February 2021). -Volume pretty nice, too: We see high volume when the price rise from 1600USD (15. March 20) to 2400USD within 4weeks, and a little less but acceptable and confirmable volume, when the price hit the actual all-time high at 3500 (1. September 20). Right now, the volume is declining, which is a sign that market participants do not even think about shorting or selling this stock. In today's trading session (2. February) I heard not even one sell or short order was given in NASDAQ, only buyers or holders. Incredible. -The triangle acts also like a bull flag from the recent leg up (1600-3500 15. march- 1.september 2020)
What do we wanna see?
-A break out of the triangle which already occurred and created a gap (could be closed in a single sharply in the coming days) .Good volume while climbing to a higher high until July 2021. The price target and the date range is because of historical data, which shows average length for price actions of this kind and estimated price ranges, because of a) the triangle and b) older moves of this stock, which are kind of similar.
Pew, this was a long one. But you are done, good job coming so far. And you know what didn't expect to write that much honestly haha ;-)
Anyway, hope this idea provides you with interesting information and data, happy trading, gqt
ps: Jeff Bezos is no longer CEO of Amazon. It the Head of Cloud Services Andy Jassy, which is there from the beginning. Jeff will be Chairman and will be looking over his shoulder, like Bill Gates does on Microsoft when he left it a while ago.
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-Retest of upper Triangle-Line -This trade is still in play -Breakouts can skyrocket or retest and skyrocket to higher highs and record highs. -There is still a chance, f. e. while a global recession, that a breakout turns into a fake-out and evolves into a breakdown in the shape of a short squeeze. -Since Amazon is part of the digital infrastructure of the western world, any dips and lower lows are possible "get in´s" in my personal opinion -will update once in a while
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Hello there,
looking back on this one: Clearly, there is a fake-out to the downside, after which a breakout to the upside occurred.
The target of roughly above 4000USD per Amazon share is still in play!
Looking good. Expecting a short-term sideways or retest of lower levels, but in general, we should be good with this one!
I Will update soon. happy trading
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Still active! Looking good for the target. 3600 levels were touched, definitely going upwards in the coming months! Be prepared!
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Trade is looking good, we already reached the range. Probably will touch 4000 in the coming weeks/months. stay tuned
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For half a year. we are witnessing a sideways pattern, which has a range of 2900-3500. It peaked at the top at 3700ish and at 2700 on the downside.
The initial thought of 4200 was maybe too high of a breakout for now since we are moving in sideway actions. This is actually a pretty good sign and shows us a variety of participants entering and leaving the market. Since Amazon will be a big part of the digital future and economical infrastructure, IMHO it is just a question of time, we will hit our target. July, for when the call was made was a peak of the bulls trying to crack the 4000 barriers...
We are in a bullish flag pattern, when you zoom out on daily timeframe, which is genuinely a solid growth outlook.
Trade closed: target reached
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We have reached the outer limit and the target box All in all good range for trading, many possibilities, and hopefully good gains!
Would like to ask that same question. it went down vs GOOG went up after ER. And I thought AMZN ER is much more impressive than GOOG
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@UnbearableLightness, Hey there, excellent question: In my opinion we had a big gap from the outer limit of the triangle at around 3350 to a spike after earnings to around 3450, same goes for Google, which was higher at around 6% gain in the post-market. Gaps tend to be closed as wells as retests of breakouts of the upper line of the triangle. Since the market is absolutely on rampage mode since the corona dump in march 2020 and we are seeing higher highs, a 20% down for 2 or 3 weeks is absolutely in range and would be healthy. Anyway, the main target for July at 4000ish levels is, in my personal opinion, easily possible. I think it will even go to 5000-10000USD in this decade, but this is the swing for the next coming months!!
@GER-Quality-Trades, Haha no specific names (I build a watchlist every week), I'm just saying that in general, in this market there's stuff like PLTR that pops 25-30% in a day. If AMZN doesn't move (or moves lower) there's an opportunity cost for me there since I could be taking other trades.
Oh yeah, That's looking incredible. Interesting how will the major CEO news play out on this one
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@VitoRozelli, Bloomberg being positive about it, stating it is like Microsoft and bill gates, who left too but turned out to be a reasonable choice since this news comes with record earnings in the companies history.