The Long Investor

$AMZN TOP 20

Added 2024-06-26 19:21:59 +0000 UTC

$AMZN burst through its ATH line today after news dropped it was offering a service to rival TEMU on their own site, TEMU is expected to IPO on the London Stock Exchange (LSE) shortly, so this is considered a blow to TEMU.

This is the power of $AMZN, they can simply move into sectors very quickly and with their strong ecosystem and Amazon Prime, the customer will find it more convenient to buy through $AMZN especially if the price's are similar.

We wanted to see a break above $191.70 as this was the previous ATH, the resistance level ranges between $188 - $191.70, we want to see a hold above this range and I am happy that this continue moving higher.

If we get the test of support and hold, it is worth adding here too.

BofA gave $AMZN a PT of $220 today but the 2 Fib is at $232, which is the lower limit of where Wave 5 can move to.

The 2.618 Fib is at $263, which cannot be ruled out but this would be an aggressive melt up if this happened.

Right now I am happy with my position and my rebuys recently and will possibly look to add again once the range is held as support.