Trade Update! Amazon (AMZN) Hit First Take Profit & Is Ready for Another Run. Take Action Now!
Our Amazon trade signal from January 17 has hit our Take Profit Target at $1,780 and our followers locked in profit of 100 points run. Currently, Amazon continue to hold above the 200 day moving average (red line on chart) and is showing good price support at that level. We believe that Amazon will continue to push higher soon and move to our Second Take Profit Target at $1,878 (which is the 78% Fibonacci retracement level (see on chart target price level). In addition, new traders not holding Amazon position can take this opportunity to open a new position at current price level $1,780.
See chart below for trade plan.
Amazon stock price has been correcting up nicely the decline we had since October 2018 and it shows relative strength compare to other S&P 500 stocks. At this point, we saw price moving back up above the declining trend line resistance, as well as crossing above the important 50 day moving average(green line). Currently, price is just under the 200 day moving average (red line) at 1,700 level. Amazon is going to report earnings on February 4th and considering the holiday sales they had, we expect nice upside surprise. Traders that want to take part in this trade, should open a position at current price and set 2 take profit targets at $1,780 (100 points move) and at 1,900(220 points move). In addition, traders can add to the position, once Amazon trade and hold above 1,710 resistance level. Check our chart below to see our trading plan and important technical levels to watch for.