AMAZON MID-TERM POSSIBLE SCENARIO SPECULATION

A cautious look at what Amazon's share price behavior might look like mid/semi-long term.

As it is evident from the chart, AMZN is currently trading near all time highs in a range, which is most likely unsustainable, given the upcoming recession.

I say we might see Amazon retrace back to it's two year mean price within a 1600-2000 range. 1800-1900 level seems to be the most appropriate for the stock during the coming turbulent times.

Short term, we might see a small long due to the bounce back from the range support line.
If the S&P500 opens with a big gap down on Monday, however, the range might be broken and the above written scenario might come into play.
If it does not, the in-range trading will continue for some time and then follow this scenario when the broad market starts falling again.

I might be quite wrong tough, and it is quite possible that Amazon will come out of this recession with a 5000 share price.

That is why, this is not a trade suggestion, but a scenario analysis.

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