AMZN migh resume the bull
One of the best performers in the tech sector and one of my favorites to watch, alongside NFLX.
Which makes perfect sense.
People stay at home, watch movies and order shit online.
This one gave me quite the FOMO because I only opened my broker account last week and I had a very strong feeling it was going to behave this way.
Still nice to have my hunch confirmed even though I missed the opportunity between 13 and 16 April.
Features:
L1635 - Pandemic Low
L1975 - 3 contact points
L2040 - The level just before it went nucular
L2185 - Pre-Pandemic High
L2420 - Current Resistance (Ohm's law may not apply)
An interesting thing to note is the current trend slope of 32° which matches the one just before things went south.
This tells me that AMZN is back to it's pre-pandemic running parameters and I'm expecting another jump in fall when the second wave hits.
Yeah, I'm 83.69% there's a second wave coming, and I'm almost equally sure AMZN is going to be ready for this one.
The channel forming since the 16th of March seems like a pretty good indicator of their trajectory, even more so considering they had a huge bump a month later.
Not really relying on this for support or resistance signals though, I just like to have it visible.
What I'm looking forward to is the earnings report where I'm expecting the price to break through the current resistance (if it doesn't break sooner) given the huge volume of sales they probably had in the past month.
This wedge I'm seeing forming for a week looks like a fanion, which also suggests a continuing uptrend.
Planning my entry once it hits 2450.
Stop Loss @ 2300 (risky?). Also considering setting it below the lowest shadow in the wedge just to counter any high "wtf just happened" fluctuations.
Take Profit @ 2645 for a 1.3 RRRatio. I'm also not expecting the current fast trend to double in range. (hope I'm wrong).
This might turn into a longer term investment up until June.
One thing that concerns me is the divergence on the MACD. I guess I'll find out how relevant these really are.
#lookingforward
Which makes perfect sense.
People stay at home, watch movies and order shit online.
This one gave me quite the FOMO because I only opened my broker account last week and I had a very strong feeling it was going to behave this way.
Still nice to have my hunch confirmed even though I missed the opportunity between 13 and 16 April.
Features:
L1635 - Pandemic Low
L1975 - 3 contact points
L2040 - The level just before it went nucular
L2185 - Pre-Pandemic High
L2420 - Current Resistance (Ohm's law may not apply)
An interesting thing to note is the current trend slope of 32° which matches the one just before things went south.
This tells me that AMZN is back to it's pre-pandemic running parameters and I'm expecting another jump in fall when the second wave hits.
Yeah, I'm 83.69% there's a second wave coming, and I'm almost equally sure AMZN is going to be ready for this one.
The channel forming since the 16th of March seems like a pretty good indicator of their trajectory, even more so considering they had a huge bump a month later.
Not really relying on this for support or resistance signals though, I just like to have it visible.
What I'm looking forward to is the earnings report where I'm expecting the price to break through the current resistance (if it doesn't break sooner) given the huge volume of sales they probably had in the past month.
This wedge I'm seeing forming for a week looks like a fanion, which also suggests a continuing uptrend.
Planning my entry once it hits 2450.
Stop Loss @ 2300 (risky?). Also considering setting it below the lowest shadow in the wedge just to counter any high "wtf just happened" fluctuations.
Take Profit @ 2645 for a 1.3 RRRatio. I'm also not expecting the current fast trend to double in range. (hope I'm wrong).
This might turn into a longer term investment up until June.
One thing that concerns me is the divergence on the MACD. I guess I'll find out how relevant these really are.
#lookingforward
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