Amazon (AMZN) has been enjoying a spectacular rally since the February 2016 lows and has been one of the leading NASDAQ stocks taking us higher. The question on everyone's mind is how much higher can this stock go. Below is a weekly bar chart of AMZN over the past 2 years.
In MAY the stock broke out above point B and in June went on to test that level before continuing on higher. If you measure the B-C swing and add it to point B you get the 900 area for a potential upside target. Another method for projecting where AMZN may rally to is to simply apply the AB=CD concept. If you take the rally of points A-B and add it to point C you get roughly the 875 area. So there you have it, two different measurements suggesting if AMZN continues its rally the 875 to 900 area should be the most likely upside target.
No comments:
Post a Comment