LONG AMZN
Updated
I AM NOT UNCERTAIN
AMZN has been moving sideways over more than 400 days now... It's time this monster wakesup....
It has good technical set up as well to play...
The trade idea in chart is just for educational purpose. Before playing anything contact your financial advisor..!!
AMZNTrade active
AMZNWeekly Time Frame
AMZN post Er drop and concerns about logistics and dock shipping are valid but looks like market has considered it and looking positive for upcoming time
With Halloween gone and upcoming thanks giving and Christmas sales for this quarter will go up.
AMZN has traded in this range over a year and there are very good chances it gives breakout in next 4-6 weeks to ATH and above.
I am overall bullish on AMAZON. Weekly MACD convergence upwards and RSI climbing positive sign… Also took support and bounced from 200 SMA post ER.
Support: 3510-3480-3445-3416-3390
Resistance 3550-3600 this is tough range for amazon once breaks this it can push ATH quick.
I am holding long butterfly nothing else for now which is already posted in #charts section of group.
Will look for re-entry in upcoming week may be 3600c weekly looks good if market remains positive.
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