AMZN : Long trading ideaAmazon is in a fast upside trend since early February (+72% in less than 9 months). The stock is making new historical highs frequently. On that situation, we are looking for short term regress in order to get long. Here is exactly what is happening :
- Beginning of a bounce at a 38.2% Fibonacci retracement
- Matches with neutrality area on the RSI (bounce at 50 exactly)
If the bounce does happen during the next few days, a theorical target can be put at 900$ (100% projection of the previous upside wave)
So here is the long trading idea :
- Open long position @ current price (about 820$)
- Stop @ 800$
- Target @ 890$ (just below the theorical target to make sure to get executed)
- Eventually a intermediary target @ 850$ to close 1/2 of the position (still a good R/R at this price !)
This is not a highly probable successful trade but the R/R is good enough to compensate it.
