Hello,Traders! AMAZON is trading in an uptrend and is climbing even despite the SPY falling However,the stock is approaching it's all-time-high levels Which acts a strong resistance, that was tested multiple times That makes me locally bearish, and I am expecting a correction Limited by the rising support line Buy! Like, comment and subscribe to boost your trading!
Except AMZN is Nasdaq… aka QQQ. QQQ can go up while SPY goes down you know?
OverexposedPhotoOfADress
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Because volatility has been decreasing over this timeframe, I'd say this looks more like reaccumulation/breakout rather than distribution/selloff. Volume is decreasing too: June 1-3 2021 had about 6.8m total volume, whereas the same price point and basic "bottom of the dip" from back in Oct 21-23 had over 12m volume. So, there's less supply. The big boys are filling there stockpiles to sell for higher prices later, rather than dumping their inventory at what they think are peak prices. $0.02
But I see what you're saying. If this is distribution, where are we headed? I've been getting into PnF counting for price targets and while I don't trust them yet, I've been surprised by how remarkably close they are. If this is the peak and it's downhill from here, the PnF chart gives a PT of about 1750. There's a spike in put prices between 1800 and 1830 so this may be realistic.
TLDR: AMZN PNF range is 1748-1793.
UnknownUnicorn4127247
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Clear analysis
MMBTtrader
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local resistance zone here
TopTradingSignals
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What is your take on AMAZON?
timmyperry28
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@TopTradingSignals, I am expecting a new all time high next week due to prime day but shortly after a correction on amazon to 3300 - 3200 levels.