I've been watching Amazon for a while now with the expectations of a return to its past levels of over $2000 and it seems the time for that may be just around the corner. Here I've displayed NASDAQ:AMZN
completing a Gartley pattern
on a weekly timeframe
and have also referenced the RSI
which seems to show that there is still a comfortable amount of room to run should we not diverge. On the daily timeframe
we have also completed an Elliott wave
that lasted from February until June giving further evidence the bulls should continue to take Amazon higher.
In addition to all this, I expect the G20 summit to result in some form of positive news as well equity indices to maintain their rise in anticipation of a July rate cut. Of course trade with caution as these macro influences are never guaranteed of being bullish
, recommend a trailing stop or a stop loss set around 1850.