Amazon: Achieved our 1 year Target. Expect a pull back on 1W.

In February while the price was still $2,000 we issued a buy recommendation on AMZN to $2,800 - 3,200:


In fact we were after the $3,000 target since December 2018 while Amazon was almost half of what it is trading at now:


We are at the top of that Target Zone now and the 1W chart is once again showing exhaustion signals. It is not the overbought technicals (RSI = 84.087, MACD = 241.970, ADX = 60.038), but primarily the fact that the RSI has entered the red exhaustion zone which in July 2015 called for a pull back and two month consolidation.

Our suggestion is to buy next month again and target 3,500 - 3,890. That is where we expect the next pull back (to the 1W MA50 potentially) to take place.



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