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Amazon investors GET READY!Amazon historically has been respecting my resistance zone. If the price is able to break above $3.2k once more in the near future I believe we are going to see buyers test the resistance zone once more. On the other hand, the price may choose to drop back down to $2.6k-$2.8k range. If this occurs and price continues to drop within the supply zone I believe there are some strong buy & hold opportunities at this zone.
Amazon bullish for swingAmazon chart looks bullish, just want one more dip to minimize the risk and the stop. The trend line is up and the 20 day looking for the reversal. RSI looking nicely at 50. Gap fill happens at $3435 so get as close as possible.
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Amazon Bullish ConsolidationAmazon has been consolidating for a great period of time indicating that a big move may occur. Using the 4hour time frame, we can preemptively dictate that we may see a move towards the upside. Selling momentum has been reducing while the VPCI has had a buy signal as seen by the crossover. Not only have we seen a buy indication from the VPCI on the 4h but also the 1day time frame. Greater confirmation for this play would be to watch the daily time frame for reducing momentum. I think a target to 3560 is great since that is the monthly resistance but it is best to only sell when given a sell signal.
Bullish Signals
-Squeeze indicator
-VPCI crossover(4h and 1day)
-Oversold Willy oscillator
Price Target
-3,560
Amazon technical target --> $5000Amazon has been consolidating for almost 10 months.
Today's news of a big beat on earnings and guidance has taken us to the top of the consolidation range.
It is a classic move for stocks that have been consolidating for a long time, to make a strong move upward before consolidating again.
Making a measured move from the last time it did this, we get a potential target around $5000 in a 4-5 months time-frame.
To avoid a failed breakout, I would keep on eye on the MACD trend, which has turned positive, but should continue to rise to confirm the move up.