Loading ...What The Chart Says – AMZN
Earlier this morning I posted this on my blog, “What The Chart Says”.
This is my first post on this infrequent blog since my Feb. 18th post calling an end to the 11 year bull market.(see below) Today, I am calling for an end to the fantastic bull run in the stock of the market leader, AMZN. The Chart is saying that by Thurs. 5/14 AMZN should turn lower. I believe the high made at 2475 on 4/30 marked the top for AMZN. Not only should this high not be exceeded before Amazon heads hundreds of dollars lower, but it is quite likely that the 2475 will never be exceeded! SELL! Chartsmaster
Gutsy call with trillions of new dollars flowing into the economy. Right or wrong I admire the call.
Thanks KenS. I have been wrong before and will be again. My batting avg. is pretty good. Called the top of Bitcoin years ago went it went parabolic on Tradingview and more recently the exact top on TSLA in early Feb. on my blog, when it was 40 points below 1000 and said “I bet it will trade at 600 before ever reaching 1000”. Still hasn’t, doubt it ever will.
Its very difficult to pick the lows and the highs in any stock.
What makes you think this stock has seen the highs?
Spock, yes it is. The TSLA call and Bitcoin were easier because they were both Parabolic. This call on AMZN is admittedly trickier. A combination of fundamentals and technicals but especially as always the CHART.