On February 18, we said, “After a rough few weeks, shares of AMZN appear to have finally bottomed out and are just starting to pivot higher. It’s also oversold on RSI, MACD, Williams’ %R, and on Full Stochastics.” At the time, AMZN traded at $204.81.

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Today, it’s up to $209.56 a share. From here, we’d like to see it rally to $220 initially. Longer term, we’d like to see it rally back to $235, which would refill its other bearish gap. Even better, it appears most of the negativity has now been priced into the stock.

Sincerely,

Ian Cooper