AMAZON Excellent buy opportunity for a new ATH.

Last time we looked at Amazon Inc. (AMZN) was three months ago (November 13 2024, see chart below), giving a pull-back buy signal:

The price action couldn't have followed this more accurately as after a short-term pull-back, the stock hit our $240.00 Target at the end of January.

Since then the price started to pull-back again to a point where this week it broke below its 1D MA50 (blue trend-line) for the first time since September 11 2024. With the 1D RSI on the 40.00 mark, this pull-back resembles the April 25 2024 Low, made near the 0.5 Fibonacci retracement level.

We expect a similar medium-term rebound to start towards the 1.236 Fibonacci extension. Our Target is marginally below it at $252.50.

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