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From multiple time frames, the chart is still charting nicely on a bullish trend. It has met its triple top formation pattern, creating a nice gap to be filled up.
The challenge is there are no preceding patterns that we can fall back on to know if Amazon has indeed reach the peak or is this triple top just a resting point.
From fundamentals side, if any company is going to benefit from Coronavirus, it is the e-commerce companies like Amazon, Alibaba, etc that will do so immensely.
So, while it is encouraging to hear analyst like J P Morgan projecting a new target, as trend followers, we must follow what is shown on the chart. Thus,I see no reason to sell the shares as yet and project it will go higher, never mind if it will hit the 31% target or not.
The continued uprise of AMZN is crucial as it has a heavier weightage in SPX500 and if it continues to climb, then SPX500 will follows as well.
I will be monitoring this counter closely once it reaches 2465 level.
From multiple time frames, the chart is still charting nicely on a bullish trend. It has met its triple top formation pattern, creating a nice gap to be filled up.
The challenge is there are no preceding patterns that we can fall back on to know if Amazon has indeed reach the peak or is this triple top just a resting point.
From fundamentals side, if any company is going to benefit from Coronavirus, it is the e-commerce companies like Amazon, Alibaba, etc that will do so immensely.
So, while it is encouraging to hear analyst like J P Morgan projecting a new target, as trend followers, we must follow what is shown on the chart. Thus,I see no reason to sell the shares as yet and project it will go higher, never mind if it will hit the 31% target or not.
The continued uprise of AMZN is crucial as it has a heavier weightage in SPX500 and if it continues to climb, then SPX500 will follows as well.
I will be monitoring this counter closely once it reaches 2465 level.
Comment:
www.reuters.com/arti...r-2020-idUSKBN22J2YU
Comment:
What's happening ? Amazon is also coming into the video gaming with its recent launch of "Crucible" a free to play PC game with third person.
