AMZN: Targets for two different scenarios!
Hello traders and investors! Let’s see how AMZN is doing today!
The stock hit our target at $ 3,133 (black line) as we discussed in my last analysis, on Sep. 25, after it triggered the pivot point at $ 3,066. Now, the price found support at the black line, and this is no surprise. When a resistance is defeated, it works as a support in the future, according to the Principle of Polarity.
But recently AMZN is moving sideways, and we see a H&S chart pattern. The neckline is the black line, so I believe this is the most important point for AMZN right now. If lost, it could easily bring AMZN to fill the gap at the red line ($ 2,961).
Now, let’s see the daily chart:
Amazon is quite flat, but the black line can be seen from here as well. Yesterday’s volume was very weak, and this is disturbing for those who are longing it. But pullbacks are acceptable, especially if a stock is in a strong long-term bull trend like AMZN. It would only create opportunities.
Also, we may have an Inverted H&S in the daily chart, and if triggered, AMZN could hit the All Time High. But so far, neither of the patterns were triggered, and these are scenarios to work with.
If you liked this analysis, please, support it! And follow me to keep in touch with my daily studies!
My best regards.
The stock hit our target at $ 3,133 (black line) as we discussed in my last analysis, on Sep. 25, after it triggered the pivot point at $ 3,066. Now, the price found support at the black line, and this is no surprise. When a resistance is defeated, it works as a support in the future, according to the Principle of Polarity.
But recently AMZN is moving sideways, and we see a H&S chart pattern. The neckline is the black line, so I believe this is the most important point for AMZN right now. If lost, it could easily bring AMZN to fill the gap at the red line ($ 2,961).
Now, let’s see the daily chart:
Amazon is quite flat, but the black line can be seen from here as well. Yesterday’s volume was very weak, and this is disturbing for those who are longing it. But pullbacks are acceptable, especially if a stock is in a strong long-term bull trend like AMZN. It would only create opportunities.
Also, we may have an Inverted H&S in the daily chart, and if triggered, AMZN could hit the All Time High. But so far, neither of the patterns were triggered, and these are scenarios to work with.
If you liked this analysis, please, support it! And follow me to keep in touch with my daily studies!
My best regards.
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