AMZN is Free to Retest its All-Time Highs

Mike Paulenoff MPtrader

AMZN reports Thursday after the close. The upmove from yesterday through today so far, from 1845 to 1930 has thrust above every prior "shoulder peak" hit during the past 10 months (see my attached 4 hour chart), and as such, is pointed towards a run at its Sep-Oct 2018 high-zone at 2030 to as high as 2080.

A bullish algo-knee jerk reaction to Thursday's earnings report certainly could pop AMZN 6%-7% to test the all time high zone.

Conversely, if AMZN disappoints, or otherwise reacts negatively, a sustained breach of 1830 will argue that the post-12/24/18 advance from 1307.00 (intraday) is exhausted... Last is 1919.36/85.

Author

Mike Paulenoff

MPtrader

Michael Paulenoff has been a student of and a participant in the world financial markets for the past 26 years, since his graduation from the Georgetown University School of Foreign Service in 1979.

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