Followers | 680 |
Posts | 141194 |
Boards Moderated | 36 |
Alias Born | 03/10/2004 |
Friday, November 19, 2021 12:53:34 PM
By: TheStreet | November 19, 2021
• Amazon stock is finally looking like it's breaking out. Can it hit $4,000 by year-end?
Amazon (AMZN) shares have been charging higher lately, up almost 2% on Friday.
The stock is working on its third straight daily gain and its fifth gain in the last six sessions. Its one decline during that stretch was a loss of just 0.14%.
Many investors have been waiting months — no, quarters — for Amazon to breakout.
It didn’t matter that it had strong earnings, good news and a surging Nasdaq and S&P 500.
Ironically, its last two quarterly reports weren't that great and the last one was a rare top- and bottom-line miss.
However, shares bottomed in the first post-earnings session and Amazon stock hasn’t looked back.
Despite the massive IPO from Rivian (RIVN) on Nov. 10, Amazon really struggled with a breakout over the $3,550 level.
That's as it has a stake in Rivian, by the way.
Up over 6.5% so far this week though and bulls are looking for a potential year-end rally in Amazon.
Earlier this week, analysts at Goldman Sachs named Amazon their top internet stock for 2022.
Nearing new all-time high territory now, let’s look at the charts.
Trading Amazon Stock
Daily chart of Amazon stock.
Chart courtesy of TrendSpider.com
Earlier this morning I looked at Apple (AAPL), arguing that this stock and Amazon are both likely to be buy-the-dip candidates going forward.
It helps that Wedbush analysts laid down a pretty bullish outlook on the Nasdaq (even though they favored Apple as their top FAANG holding).
Above is a daily chart, highlighting how many times Amazon flirted with a breakout over the $3,550 area.
Earlier in the week I tweeted that one day investors would look up and the “train will have left the station.” Is that happening now?
Bulls hope so, as they fix their attention on the $3,773 high from July. Not only is that the third-quarter high, but it’s also the all-time high.
A breakout over this level could open the door to the 161.8% extension near $3,975, followed by a possible push over $4,000.
Weekly chart of Amazon stock.
Chart courtesy of TrendSpider.com
Above $4,000 could put an additional push to the $4,125 to $4,150 area in play if we measure an extension from the more recent third-quarter range. That’s shown on the weekly chart above.
There is a risk here, too.
While Amazon stock looks pretty good right now — especially heading into Black Friday and Cyber Monday — there is a risk that we get some type of reversal or failure near the current $3,775 highs.
After all, the stock looked pretty good in July too, before it ultimately rolled back over. Stay on guard for that type of rug pull, which could put the $3,550 to $3,600 area back in play.
However, the weekly chart emphasizes how patience has been rewarded in this stock. Shares tend to go on long consolidation phases before eventually roaring higher.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent AMZN News
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/09/2024 02:44:06 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 08:42:00 PM
- Meta Platforms Expands AI Ads, Apple Boosts iPhone Shipments, and More Highlights • IH Market News • 05/08/2024 12:27:48 PM
- Tesla’s April Sales Down 18% in China, Amazon’s Multi-Billion Dollar Cloud Expansion in Singapore, and More News • IH Market News • 05/07/2024 11:44:00 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/06/2024 05:42:04 PM
- CrowdStrike and AWS Extend Strategic Partnership to Accelerate Cloud Security and AI Innovation • Business Wire • 05/02/2024 12:00:00 PM
- Amazon Business Celebrates Third Annual Small Business Month with New Immersive Educational Hub and Over $250,000 in Grants • Business Wire • 05/01/2024 04:52:00 PM
- Interest Rate Concerns May Continue To Weigh On Wall Street • IH Market News • 05/01/2024 01:09:57 PM
- Amazon Business Celebrates Third Annual Small Business Month with New Immersive Educational Hub and Over $250,000 in Grants • Business Wire • 05/01/2024 01:00:00 PM
- Amazon.com Announces First Quarter Results • Business Wire • 04/30/2024 08:01:00 PM
- AWS Announces General Availability of Amazon Q, the Most Capable Generative AI-Powered Assistant for Accelerating Software Development and Leveraging Companies’ Internal Data • Business Wire • 04/30/2024 01:00:00 PM
- U.S. Index Futures Point to Mild Decline Ahead of Key Earnings and Fed Rate Decision • IH Market News • 04/30/2024 11:59:59 AM
- Philips Stocks Soar 47% Following US Deal, Tesla Bolsters Presence in China, and More News • IH Market News • 04/29/2024 11:11:24 AM
- Anglo American Rejects BHP Group’s Offer, Toyota Invests $1.4 Billion in Indiana, and More News • IH Market News • 04/26/2024 11:48:07 AM
- Prime Video to Become the Home of National Monday Night NHL Games in Canada Beginning in 2024-25 Season, with Prime Monday Night Hockey • GlobeNewswire Inc. • 04/25/2024 03:00:39 PM
- Prime Video devient le diffuseur officiel des soirées de hockey du lundi soir de la LNH au Canada avec le lancement de Prime Monday Night Hockey dès la saison 2024-2025 • PR Newswire (Canada) • 04/25/2024 03:00:00 PM
- Prime Video to Become the Home of National Monday Night NHL Games in Canada Beginning in 2024-25 Season, with Prime Monday Night Hockey • PR Newswire (Canada) • 04/25/2024 03:00:00 PM
- Amazon Bedrock Launches New Capabilities as Tens of Thousands of Customers Choose It as the Foundation to Build and Scale Secure Generative AI Applications • Business Wire • 04/23/2024 01:40:00 PM
- Apple Loses Market Share in China, GM Surges in Pre-Market Following Upward Revisions for 2024 Projections, and More News • IH Market News • 04/23/2024 11:25:34 AM
- Amazon Introduces Low-Cost Grocery Delivery Subscription for Prime Members and Customers Using EBT • Business Wire • 04/23/2024 10:00:00 AM
- Apple to Invest $250 Million in Singapore Expansion, Oracle Commits $8 Billion to Japan Infrastructure, and More News • IH Market News • 04/18/2024 11:11:52 AM
- United Shares Surge 5.3% in Q1 2024 Earnings Beat; Take-Two Cuts 5% of Workforce, and More News • IH Market News • 04/17/2024 10:57:39 AM
- Amazon.com to Webcast First Quarter 2024 Financial Results Conference Call • Business Wire • 04/16/2024 08:01:00 PM
- Samsung Surpasses Apple in Q1 Smartphone Market; Salesforce in Talks to Acquire Informatica, and More News • IH Market News • 04/15/2024 11:06:48 AM
- Paramount Global Board Shrinks, Morgan Stanley Faces Regulatory Probe, and More News • IH Market News • 04/12/2024 11:05:29 AM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM