Stock of the day: Amazon
12 May 2023
This weeks' last stock of the day is the analysis of Amazon. Last time I analysed the situation on Amazon at the beginning of April and back then, I was bullish. This is how I concluded my previous piece:
“The bullish counterattack at the end of last week allowed the price to break the neckline (green) of the iH&S formation. That is the activation of the iH&S pattern and the first step towards a buy signal. Now, the price is flirting with the first downtrend line, and chances for a breakout are quite significant. My view on Amazon is bullish.”
Those words were written when the price was close to 103 USD. Now, the price is 112 USD and we are just 2 USD away from new yearly highs. So yes, colour me not surprised, as the price climbed higher, breaking two key down-trendlines (red) on the way. The price being above them, we have a proper buy signal and my view on Amazon is positive.