Amazon has gone on to reach staggering highs of $3344 this month and is proving to be a
dominant force in online shopping.
While the world has been in lockdown during the pandemic, Amazon has been busy delivering
much-needed items to people around the world.
It was in 2017 when Amazon moved above $1000 a share, then in 2018 price first broke above
$2000 but then we saw a decline down to $1300.
Then is April 2020, the share price started to shoot through the roof, moving above $2000 once
again, as most shops remained shut and with Amazon being the obvious place to buy goods.
With every trend, we will see pullbacks along the way and price has started to pull back.
When we see signs of a pullback, we always want to identify levels of support that price may
come down to.
The next major level of support below price is the $3000 round number which is a psychological
level of support. If this level holds then we should see a bounce back to the upside.
If this level does not hold then we want to look for other levels such as the 20 & 50 simple moving averages.
As for now, Amazon is still bullish on the monthly, weekly and daily timeframes and a break
and close above the all-time high at $3344 will confirm a continuation to the upside.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
dominant force in online shopping.
While the world has been in lockdown during the pandemic, Amazon has been busy delivering
much-needed items to people around the world.
It was in 2017 when Amazon moved above $1000 a share, then in 2018 price first broke above
$2000 but then we saw a decline down to $1300.
Then is April 2020, the share price started to shoot through the roof, moving above $2000 once
again, as most shops remained shut and with Amazon being the obvious place to buy goods.
With every trend, we will see pullbacks along the way and price has started to pull back.
When we see signs of a pullback, we always want to identify levels of support that price may
come down to.
The next major level of support below price is the $3000 round number which is a psychological
level of support. If this level holds then we should see a bounce back to the upside.
If this level does not hold then we want to look for other levels such as the 20 & 50 simple moving averages.
As for now, Amazon is still bullish on the monthly, weekly and daily timeframes and a break
and close above the all-time high at $3344 will confirm a continuation to the upside.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
