Amazon
stock (NASDAQ:AMZN) is a bull market. It consolidated in September and October
2017, gapped upwards towards the end of October and then trended upwards from
then till now.
In
January, price went above the upper Trendline, trending further upwards. Even
the large pullback that happened this month was not significant enough to force
price back below the upper Trendline.
The RSI
period 14 is above the level 60 – a clean bullish signal. The outlook on Amazon
is very bright for the year 2018, and price may reach the distribution
territories at 1600.00, 1700.00 and 1800.00.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Traders’ realities: Trading realities
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