Note: This is not an investment advice but my opinion alone. Please feel free to comment
Like every other stock, AMZN is in an ABC correction which "could" get even nastier. Looking at the chart it does look like the Santa rally will be here shortly but will not last long. Drawing a support line from the 2008 and 2015 lows, we see a price point of around $1200-1300 for the correction to end. Looking at how far we have come from the highs ($2050) to today ($1610), it is amazing that we are still positive for the year which we started at around $1166.
For the moment we have a Bullish RSI divergence which is positive and shows buyers are picking up shares and I feel this will lead us higher in the short term.
Like every other stock, AMZN is in an ABC correction which "could" get even nastier. Looking at the chart it does look like the Santa rally will be here shortly but will not last long. Drawing a support line from the 2008 and 2015 lows, we see a price point of around $1200-1300 for the correction to end. Looking at how far we have come from the highs ($2050) to today ($1610), it is amazing that we are still positive for the year which we started at around $1166.
For the moment we have a Bullish RSI divergence which is positive and shows buyers are picking up shares and I feel this will lead us higher in the short term.