In a recent move, Jeff Bezos, the CEO of Amazon, has sold $2 billion worth of Amazon stock, raising questions about the company's future trajectory. Bezos sold 12 million shares this week, marking his first sale since 2021. Additionally, Amazon revealed that Bezos plans to sell up to 50 million shares over the next 12 months.
This significant sale by Bezos, coupled with his plans for future divestment, raises speculation about Amazon's stock performance. Despite the sale, Amazon's stock has been on an upward trend, closing at its highest level in over two years.
Investors are left wondering whether Bezos' selling spree will impact Amazon's stock positively or negatively. With Amazon's stock closing at $174, the potential sale of 50 million shares could lead to Bezos reclaiming his title as the world's richest person.
Given Bezos' history of selling shares and the ongoing bullish trend in big tech stocks, there's uncertainty about Amazon's future direction. Traders will closely monitor Amazon's stock performance in the coming months to assess whether it will continue climbing higher or face downward pressure following Bezos' divestment.
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Amazon has reached our anticipated point of interest at $180, demonstrating strong bullish price action. While this level has been achieved, the current momentum suggests the possibility of a breakout retest scenario.
The bullish sentiment surrounding Amazon is evident, with indicators pointing towards potential further upside movement. Traders should monitor the price closely for any signs of consolidation or retracement following the breakout.
A successful retest could provide an optimal entry opportunity for traders looking to capitalize on the continuation of the upward trend. However, it's essential to remain vigilant and adapt strategies accordingly to navigate potential market fluctuations.
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Let's aim to maintain a level around 182.75; if not, we'll explore short positions. The earnings and revenue figures on April 25th will be intriguing. Alternatively, if we hit confirm 188.08, we'll add-on long positions.
My hindsight indicator says yes it will go higher. At least in the short term :)
Isabella78
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Short before earnings?
Soldi75
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Hi @Isabella78, No short positions have been confirmed as of yet. We've reached our point of interest at 180, a level where we are keen on initiating new positions or adding to existing ones. The chart is currently on the weekly timeframe, and our position remains unconfirmed. We refrain from speculating on upcoming earnings; instead, we focus solely on trading the price action. However, we will consider the earnings data in our decision-making process by managing our risk.
elisanascar
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And what entry point would that be?
Soldi75
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Hi @elisanascar, I prefer not to provide explicit signals for buying or selling, as trading involves probabilities rather than absolute rights or wrongs. Instead, it's essential to recognize the points of interest on the chart. An optimal entry point might be at the top of the box, around 186.52, particularly if there's confirmation of breaking out of the box's range. This approach acknowledges that trading involves assessing probabilities and making decisions based on observed market dynamics rather than seeking certainty.