A Brilliant Shine of Amazon
A rally in the stock market continues ahead of the presidential elections in the United States. Participating in this rally is challenging, as it could end at any moment. However, some stocks are shining so brightly and are so tempting that they simply must be picked up.
Amazon (AMZN) shares have formed a solid, beautiful diamond pattern, which is quite rare. This pattern signals an upward movement. Prices have begun to break through the average of the ascending channel that was established on 7 February 2016. Should a breakout occur, the synergy of both signals could send prices soaring. Amazon is set to deliver its Q3 earnings report on 31 October, which could fuel the stock’s upward momentum.
I am planning to open a long position at $190.00-$195.00, with a target of $230.00-$235.00, or a 25% rise. A stop-loss could be set at $150.00.
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