Amazon TA -Swing Idea - Going up?hey guys its amir whats up?
so NASDAQ:AMZN first of all its not a secret that amazon its an absolute monster company, one of the strongest of them all. So lets analyze:
- Amazon just touched a support trendline since 2018 acts as support and got bounced (also daily time frame closed hammer candlestick, ill see later how I upload to this idea more updates in different time frames)
- price touched fib 0.328 which perfectly sits on the trendline and bounced from there.
- 50 MA getting a bullish shape (not strong yet but still attempting to go bullish) and 200 ma shows a fight between bulls and bears but still the bulls are dominating.
- we see that we are getting buying pressure (bottom indicator marked by arrows and circles)
- I see that the volume in the about 6 months is actually very controlled and stable which is pretty good I mean you dont want huge spikes and flip flops keep it stable all the way the better. Since April 22 you can see in the volume that the bears were in control, watch at all the red bars and watch the drop of the stock in that area. and for the last few months they just fade away in a stable way.
// so to summerize, I do think that AMZN have great stracture, and they have more room to push forward in the coming weeks/months.
maybe to get inside the trade right now its a bit early because needed some more confirmations, but I probably will enter now because I can set my stop loss very close and if its will reach than not a big deal just cut it, and if I'll have more confirmations soon i will add more to the position.
The main TP points are : 147.73, 163.50, 177.76
for me great risk reward trade.
let me know what you think guys <3
