AMZN ready to push back towards $1700 and beyond
Updated
While the SPY is fighting $280 resistance, AMZN has been making higher lows inside its major down channel. A break towards 1672 then 1723 (5% move from the closing price of today and the 200 day sma) looks to be in the cards as long as the overall market can break through 2800 on ES and hold. I also like that the daily has closed well above the daily 9 day exponential moving average.
A bigger move in the market place is definitely in the cards in the next 2-3 days with the USA-China trade agreement extended deadline from this Friday, March 1. Also Trump meeting with North Korea's leader, Kim Jong Un, to discuss denuclearization. A USA-China trade deal, or even a peace agreement with North Korea could launch this market much higher.
Purchased April $1640 calls with a $10 stop based on the weekly and daily price action. Risking
1K (per contract) of house money to make 5k (per contract)+.
Let's see what happens in the next few days :-).
As always let price discovery be your guide.
A bigger move in the market place is definitely in the cards in the next 2-3 days with the USA-China trade agreement extended deadline from this Friday, March 1. Also Trump meeting with North Korea's leader, Kim Jong Un, to discuss denuclearization. A USA-China trade deal, or even a peace agreement with North Korea could launch this market much higher.
Purchased April $1640 calls with a $10 stop based on the weekly and daily price action. Risking
1K (per contract) of house money to make 5k (per contract)+. Let's see what happens in the next few days :-).
As always let price discovery be your guide.
Trade active
Filled. Moved stop to $55.30 on the calls for $500 risk.Note
Need to clear 1654.60 and the major downtrend to reach 1672 and higher.Note
End of the month selling then big buying after hours to start off March. AMZN most likely gaps above 1650 if the futures hold their levels overnight.Note
Moved stop up to lock in $5 on the calls. Looking really good to test the 200 day sma next week.Trade closed manually
Locked in $18 on the calls or 30%. Not being greedy today especially over the weekend. Will look for another setup to continue higher to the 200 day sma.
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