Trade of the Day – Amazon.com, Inc. (NASDAQ: AMZN) August 30, 2023 170
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.
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Featuring regular TA posts and requests to analyse specific stocksAbout the author
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).