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2021-05-18 • Updated
Daily chart of the Amazon stock price performance shows us a very clear sideways channel that has been there since August 2020.
The zone above 3500 provides resistance and has sent the price downward already two times in the course of the last nine months. The beginning of May was the most recent one.
The band 2850-2900 provides support and made the price revert twice since last summer.
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The stock doesn’t really go sporadically within the boundaries of the channel. As you can see, it tends to plunge fiercely and then start a new upswing in a steadier manner rising at a constant angle relative to the channel boundaries.
If nothing changes in the dynamics of this stock, we’re up for another upswing that’ll likely reach 3500.
Projecting the same pace and angle of ascension into the future, it should take around three months for the stock to get there. Hence, it’s a long-term game.
If you’re ok to hold the stock for a couple of months, buy it now, and hold it until it comes to 3500.
Over there, you’ll potentially make a minimum of 10% gain if the scenario is completed.
Besides US Retail Sales data, Australian Unemployment Rate and New Zealand GDP this week will bring us Quadruple Witching – one of the four most important days of a year for futures and options!
Do you want to know what companies can rocket in September? Here you go! Top 3 most promising stocks!
Bitcoin At the end of the past week, Bitcoin broke through the big resistance level of $50 400 and reached $51 500 after the worse-than-expected US labor data…
GBP/USD is moving inside the ascending channel. Since it’s in the lower part of this channel, the pair should reverse up and continue moving in zig-zag.
What happened? Nearly one year later, Beijing started to concern about Alipay, which combines a digital payments platform with other traditional financial products such as loans, wealth management, and insurance…
The South African rand has dropped against the US dollar. What are the reasons?
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