AMZN accelerates the 6-1/2 year uptrend (since November 2008 low) through 408.06 (January 22, 2014 high) to new highs. Further gains open a long-term Fibonacci target at 470.69 (0.5x(408.06-34.68) from 284.00) then the 500.00 psychological level. Sustained strength above there would open the following Fibonacci extensions at 514.75 (0.618x(408.06-34.68) from 284.00) and possibly 525.09 (1.0x(408.06-166.97) from 284.00). On a pullback, the 408.06 area should hold dips. Below lies the 365.65 support level (March 26, 2015 range low). 350.01 (February 2, 2015 low) near the 10 month moving average and the rising trendline which underpin the uptrend.
Outlook:
Short term: buy on pullback
Long term: bullish
Outlook:
Short term: buy on pullback
Long term: bullish