Seems like every time the market tanks AMZN goes to new all time highs and this week has been no exception.
Finally, however, it appears Amazon has hit some real resistance and could see a pullback before ultimately running to its first fib extension I have plotted at around 3965.
In the meantime there is a nice ascending channel that has formed and in the past we have seen these same channels in large trillion dollar market cap stocks run for multiple months and in many cases even years.
This is a play that has taken months and months to form and is now finally playing out. Do not expect this to end in a week or 2.
Although this moment is not the ideal spot for entry, one can conclude that much higher prices are on the horizon for the world's largest online retailer.
Finally, however, it appears Amazon has hit some real resistance and could see a pullback before ultimately running to its first fib extension I have plotted at around 3965.
In the meantime there is a nice ascending channel that has formed and in the past we have seen these same channels in large trillion dollar market cap stocks run for multiple months and in many cases even years.
This is a play that has taken months and months to form and is now finally playing out. Do not expect this to end in a week or 2.
Although this moment is not the ideal spot for entry, one can conclude that much higher prices are on the horizon for the world's largest online retailer.
