Amazon yesterday closed above 50DMA that means the stock price is going up but it has to break out at this level above 3220 for next strong upmove with factors such as PRIME day and Earnings coming up. With such a strong previous earnings and most probably q3 earnings will also be above the roof with ongoing pandemic and increased online footprint.
With few factors in mind you can play amazon:
1) PRIME DAY & EARNINGS TARGET 3300/3450
2) COVID VACCINE AND MEDICINE WILL BOOST ENTIRE MARKET. TARGET 3600
3) ELECTION NEWS WILL MAKE IT VOLATILE BUT IF HOLDS 3250 POST ER CAN SEE UPSIDE
4) LAST, AMAZON SPLIT NEWS. CAN TAKE IT TO EASY 4000.
With few factors in mind you can play amazon:
1) PRIME DAY & EARNINGS TARGET 3300/3450
2) COVID VACCINE AND MEDICINE WILL BOOST ENTIRE MARKET. TARGET 3600
3) ELECTION NEWS WILL MAKE IT VOLATILE BUT IF HOLDS 3250 POST ER CAN SEE UPSIDE
4) LAST, AMAZON SPLIT NEWS. CAN TAKE IT TO EASY 4000.
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