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2 years ago
Without doubt, $AMZN has been a laggard among big tech in 2019. Investors have sat in agony as they watch $MSFT, $AAPL, and $GOOGL hit new all-time highs, but that may present an opportunity for investors looking to chase some gains before the inevitable market correction. Earning’s season is just around the corner and, in truth, expectations are quite low for AMZN as they had announced major spending during 2019 in the expansion of its same and next day delivery infrastructure.
On a more positive note, AMZN have announced that the 2019 festive period was a bumper season for them, so I would not bet against them producing massive numbers in their Feb 1st earning’s report.
Although AMZN was down 1.3% on Friday, the chart is quite bullish having held support on multiple occasions. If this level holds on Monday, then a long position should be on the cards.
Short term $1900 – at the Fibonacci golden pocket.
Medium Term $1933 – at monthly resistance.
Longer term $2000 – tested post earnings possibly.