#AMZN Looking for imminent Breakout
Saw an interesting article on Amazon Prime Day having a positive impact on the stock. However, looking back on the past 4 years and at the periods up to a month after the Prime days, I actually found an average negative impact.
AMZN has been trading in a channel for about a year since it's massive rise last year June 2020. It has tested the 3500 channel ceiling a couple times. With Prime day this Monday and Earnings reported later in July (29th), this could be a catalyst for AMZN to breakout of the channel. Looking at the recent increase, it is above the Moving Averages and RSI indicator now over 70, I expect a very short pullback at best and for this breakout to potentially happen before the Earnings release.
AMZN has been trading in a channel for about a year since it's massive rise last year June 2020. It has tested the 3500 channel ceiling a couple times. With Prime day this Monday and Earnings reported later in July (29th), this could be a catalyst for AMZN to breakout of the channel. Looking at the recent increase, it is above the Moving Averages and RSI indicator now over 70, I expect a very short pullback at best and for this breakout to potentially happen before the Earnings release.
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