I’ve been using an 1843.29 rally target to keep subscribers aggressively on the right side of AMZN’s relentless surge, but today’s chart shows what’s possible if the stock blows past it. Price action at the ‘p’ midpoint pivot (1680) has not been so precise that I can guarantee the stock will hit the D target within the usual dime or two and then tank. However, the pattern underlying the target is sufficiently clear and compelling to suggest that the number 2007.92 will be useful to us, especially for shorting cautiously against a seemingly unstoppable trend. For now, though, I’d suggest focusing on 1843.29 as a minimum upside objective. I’d be surprised if this ‘hidden’ resistance gives way easily, but if that happens, the 2007.92 target would be well in play. More immediately, expect more upside to at least 1863.39 over the near term if 1843.29 falls in less than an hour or two.
Rick’s Picks trading ‘touts’ are for educational purposes only. Past performance is no guarantee of future performance. (See full disclaimer at https://www.rickackerman.com/)
Recommended Content
Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.