Amazon: Ready for an expansion phase. Target: 2,800 - 3,200.
AMZN marginally broke the formet All Time High (2,050 - 2,055) this week, which was a Resistance level that has been holding for 1.5 years. With the EPS smashing the forecast last month turning 1D extremely bullish (RSI = 72.875, MACD = 46.790 ADX = 23.292) we have turned very bullish on the stock as it is repeating the fractal (2014/2015) that preceded its last expansion phase.
The RSI on the 1W chart is also replicating this sequence on impressive symmetry. We therefore believe that Amazon is at the start of a new expansion phase and initially aim for the +145% extension. Our Target Zone is 2,800 - 3,200.
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The RSI on the 1W chart is also replicating this sequence on impressive symmetry. We therefore believe that Amazon is at the start of a new expansion phase and initially aim for the +145% extension. Our Target Zone is 2,800 - 3,200.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial