Amazon: Ready for an expansion phase. Target: 2,800 - 3,200.

AMZN marginally broke the formet All Time High (2,050 - 2,055) this week, which was a Resistance level that has been holding for 1.5 years. With the EPS smashing the forecast last month turning 1D extremely bullish (RSI = 72.875, MACD = 46.790 ADX = 23.292) we have turned very bullish on the stock as it is repeating the fractal (2014/2015) that preceded its last expansion phase.

The RSI on the 1W chart is also replicating this sequence on impressive symmetry. We therefore believe that Amazon is at the start of a new expansion phase and initially aim for the +145% extension. Our Target Zone is 2,800 - 3,200.



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