AMZN has recently broken it's current downtrend channel as identified but has also broken above and found closure/support above the 50% retracement from the $180 ATHs that it saw back in Nov. 2021.
I haven't purchased my long-term opts on this yet to see if a reversal in the current market push due to NVDA and other AI-Based movements that are holding up the markets. I expect some retracement at some point and potentially back to $114. From there I will look at the support we find back at that 50% retracement level ($114) and look for a long-term hold to back to the $140-$145s (if not higher).
I haven't purchased my long-term opts on this yet to see if a reversal in the current market push due to NVDA and other AI-Based movements that are holding up the markets. I expect some retracement at some point and potentially back to $114. From there I will look at the support we find back at that 50% retracement level ($114) and look for a long-term hold to back to the $140-$145s (if not higher).
Tim Burks | Founder - MyMI Wallet
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Empower your finances with our Personal Budgeting and Investment Forecasting Tools. Unlock your investment potential today at MyMI Wallet.
www.mymiwallet.com