This profitable beast has been on fire for YEARS. Will the business be around in 5+ years? Absolutely. Amazon will continue to dominate.
Shares took a hit after an earning disappointment (Don’t let the COVID new cloud your thinking) and also they were also hit by a record $887M EU Privacy fine.
The stock isn’t going to “Tank” – as you can visually see, it’s falling back into the range it’s been in for the last 365 days.
Shorting the stock would be a gamble (Long-term). Technically speaking there hasn’t even been a lower high created – It’s coming fresh off recent highs.
It’s range has been between: $3,000.00 and $3,600.00 (Some action happens around $3,400.00)
The move here would be to play the range with a long-term mindset; which can be hedged with options. Seek buying opportunities while watching if that lower high forms. The $3,000.00 area line up with the 23%; which would be the next play. Further down there’s major confluence on the ($2,600.00) with certain indicators lining up along with price action. A move that far down would be insane; but anything can happen.
- Strong buying areas are between: $2,800.00 – $3,000.00 (Previous Range)
- DCA Investment into the $2,600.00 Area (50.00% Retracement)