It’s been a while since I discussed Amazon on See It Market. In fact, it was November 2015 and in that post I highlighted some overhead price targets for Amazon (NASDAQ:AMZN) from which a correction may occur. Get a quote & chart AMZN here.
Those targets were hit and the ensuing price action led to a swift 30 percent Amazon stock price correction.
So what prompts me to take another look at AMZN? Well some basic math returned a caution flag and I felt compelled to flesh out some additional details/targets. Although some near-term upside may be in store for Amazon’s stock price, I believe the risk-reward goes from bad to worse with those higher ticks. See daily and monthly stock charts below.
YES, this company rocks. I use it all the time and it’s an awesome company. However, the stock has had an amazing run and has some MAJOR cycles hitting at the same time. From a chart pattern perspective it may be time for another 30 percent Amazon stock price correction.
Thanks for reading.
Twitter: @BartsCharts
Author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
