Amazon stock is on a potential breakout
AMZN has been consolidating since 2020’s best trades (gold stocks, Tech and Cloud/SaaS/Remote tools) blew out last summer in favor of a rotation to cyclical/reflation-sensitive and ‘value’ in line with rising long-term Treasury yields.
Now, in the midst of the pullback in yields and inflation hysterics we find Tech/Growth/Cloud et al. rallying and even gold stocks on a bounce. All of this, I have to add, was anticipated in NFTRH. I was not guessing. I was using macro signals to project it.
Anyway, back to Amazon, I have doggedly held it because the consolidation happened within an uptrend. Unless today is a fake out, that trend could be resuming after taking nearly a year off. Let’s see what kind of volume develops.
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