Textbook Cup & Handle breakout for AMZN
After a huge run-up in 2020, Amazon was range-bound for about 34 weeks. AMZN hit a high in the $3550 range in the late summer and struggled to get back to ATH for months following. During this period volume slowly dried up and the base of a "Cup & Handle" was formed over 34 weeks.
Then, the market corrected and AMZN broke below its 200D MA before regaining momentum and swinging up to retest the previous high in the $3550 range. The retest failed to break through, but support was found much quicker this time. After a brief 5-week shakeout, AMZN made took another swing up and through the $3550 supply/resistance area and finally broke through ATH on above-average volume after months of being stuck rangebound.
From here, I would expect to see Amazon continue to ride this upward momentum as there is no sell pressure in sight.
Then, the market corrected and AMZN broke below its 200D MA before regaining momentum and swinging up to retest the previous high in the $3550 range. The retest failed to break through, but support was found much quicker this time. After a brief 5-week shakeout, AMZN made took another swing up and through the $3550 supply/resistance area and finally broke through ATH on above-average volume after months of being stuck rangebound.
From here, I would expect to see Amazon continue to ride this upward momentum as there is no sell pressure in sight.
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