Antonio_trader

Amazon symmetrical triangle

NASDAQ:AMZN   AMAZON COM INC
Amazon had an amazing run during 2020 as people switched to working from home relying more and more on delivery of goods. After reaching almost $3600 level, AMZN stock pulled back slightly and has now formed a symmetrical triangle on the daily chart . A break to the upside is a good opportunity to buy more, there is also a good resistance zone for more confirmation. A break lower is possible, but it is hard to bet against AMZN , when they are doing so well. Most banks and hedge funds state that AMZN will reach its peak near $4000 mark. The rest of them state that it is already severely overpriced and the correction is coming.
Amazon also announced further funding for the expansion into the grocery industry, creating thousands of new jobs and competing with existing grocery companies. This bodes well for the company as they continue to expand into new markets.

Please support the idea and share your thoughts on AMZN!

Good Luck and Stay Healthy!

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Comments

Taking forever to move... let's hope to see it run soon
+1 Reply
Great analysis
Thanks for sharing it
Also saw this pattern

according to Elliott Waves theory it is close to breakout point
I will follow the chart to catch this point
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Antonio_trader Berzerk_invest
@Berzerk_invest, Looks good!
+1 Reply
good deal, I like that. keep it short and simple!
Reply
Antonio_trader ProjectSyndicate
Reply
I can't agree more. Have this symmetrical triangle for a while looking for buy setups now as it is sitting around the lower one. How about you?
Reply
Antonio_trader TheSignalyst
@TheSignalyst, yeah waiting for a good risk-reward entry.
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