Just looking at the Amazon Chart, I haven't looked at it for almost a year at this point and ironically we are in the same spot. The drop that I expected once we stalled in resistance did play out; however, Amazon has been able to keep up strong performances and has found itself back in position of resistance.
I do think this is strong resistance as it was just so euphoric when we hit the highs above this level, it was pandemic belief that we would all be living at home and getting drone delivered goods, even groceries from Amazon.
Competitors continue to exist for every Amazon service and they are strong and diverse, Amazon is still the best at what they do so there is no reason to be overly bearish; however, with inflation ticking up and some fear entering the market I would expect a pullback.
If Amazon can smash the October expectations we could see an inverse head and shoulders to round out this bearish period and maybe even head to new highs in mid to late 2024 (assuming a strong macro economic environment)
This is just my drawings and opinions.
I do think this is strong resistance as it was just so euphoric when we hit the highs above this level, it was pandemic belief that we would all be living at home and getting drone delivered goods, even groceries from Amazon.
Competitors continue to exist for every Amazon service and they are strong and diverse, Amazon is still the best at what they do so there is no reason to be overly bearish; however, with inflation ticking up and some fear entering the market I would expect a pullback.
If Amazon can smash the October expectations we could see an inverse head and shoulders to round out this bearish period and maybe even head to new highs in mid to late 2024 (assuming a strong macro economic environment)
This is just my drawings and opinions.