AMZN might break out of it’s ascending triangle pattern, possible ATH

by The-Hyrax

Please note that below are my own observation and this is not investment advice. Use this information as you wish – do your own DD or analysis at all times before making any decisions that might impact your trading account.

AMZN key points

  • 3,250 rejection for four times in the past couple of weeks, but wit smaller intervals. This means that the 3,250 level triggers sellers, but since the interval is getting smaller, there are less and less sellers left. This is a good set-up for a breakout (hence the buyers take over)
  • MACD on the daily turning bullish
  • Current ATH: $3,344
  • Not an earnings run yet, next earnings Oct’20
  • Previous earnings $10.30 vs $1.48 expected
  • Short float .86%, short ratio .8 (= low)
  • Current IV: ~30%

AMZN recent news

Summarizing, I am expecting a breakout on the upside and a possible ATH after that.

preview.redd.it/m50yw1rub5g51.png?width=1282&format=png&auto=webp&s=de1546307bbc513e654579317f415a38671f8cea

 

 

Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence or consult your financial professional before making any investment decision.