The behemoth that is Amazon keeps on soldiering onward and upward. Along with Facebook looks to be the pick of the FANGS at the moment. Can Amazon break out of its current range and target 1000 before the year is out? The flag pole break out seen in early April could give some clues to a potential target at those levels.
The price over the last week or so has been in consolidatory mode around 900. Technically the stock remains strong above the Ichimoku cloud and forming a potential continuation pattern. Momentum from the stochastic and RSI also looks strong in the shorter term.
Fibonacci support if prices should reverse the bullish trend may be found at the 38.2% area which also coincides with the top of the cloud at 840 as well as with price support from March and large volume support at those price levels (not shown on chart), then at 800 (61.8%).
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