Trade of the Day – Amazon.com, Inc. (NASDAQ: AMZN) August 30, 2023 399

Trade of the Day

Amazon.com, Inc. (NASDAQ: AMZN)

(Current Price: US$134.91) – TECHNICAL BUY

Buy price: US$134.91     Stop loss: US$130.00   

Take profit 1: US$146.00    Take profit 2: US$158.00

 

 

 

 

The price has pulled back and found support at the uptrend channel support, confluent with a backtest of the previous horizontal resistance level at US$134 now turned support.

Should the price rebound and continue to trade in its uptrend channel, it could retest the first resistance level at US$146.00, which is confluent with a previous swing high horizontal resistance level formed in August last year. It could then head to the next resistance level at US$158.00, confluent with next swing high formed in April last year.

Expected timeline of the trade is 4-12 weeks from the date of report issuance.

Our research team has a fundamental recommendation of “BUY” with a target price of US$175.

This counter is available for trading on POEMS US Asian Hours, Singapore’s first platform to provide trading of US Equities during Asian Market opening hours (from 9am SGT). For more information, please click here, or scan below:

 

 

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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