Last Major Support for Amazon

I posted a few months ago Amazon was in a terminal formation. Like a lot of stuff, there was an upside overthrow to knock out any remaining bears, and now we are looking to test the long term support from the 2008 lows. Below that, there are a few other support lines, but the next MAJOR support is around 950-1000 depending on time frame of a drop. Amazon actually probably has a business set up to be fairly insulated from a lot of COVID 19 effects, but none of that is going to matter given the structural setup here and valuations. Cloud stands to see a big fall in growth / revenue when a lot of the businesses that spend money on the Amazon cloud shutter or pare down their capex spending significantly.

Note

Pinged off support, now testing upper support as resistance. Texbook.

Note

Clearly this didn't work. Good example of why it's smart to set stop losses once you're in the green and trading. Made a small profit on this, but clearly not the homerun I was thinking at the time.

GTStockmaster

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.