Amazon just concluded its two-day global shopping event – Amazon Prime Day. The annual shopping holiday is exclusive to Amazon Prime members who have the privilege of taking advantage of Prime Day discounts. This year, the e-commerce giant is expected to rake in close to $6 billion in a span of the 48-hour event.
A record number of Prime members in the United States shopped during the extravaganza, according to Amazon. In total, Prime members globally bought more than 175 million items. https://t.co/4BWuANROG2
— CNN (@CNN) July 17, 2019
Investors are paying attention to the revenue generated by this event. The company’s stock is once again trading above $2,000 and it looks ready to take out the all-time high of $2,050.
Amazon.com, Inc. (AMZN) Painting a Large Continuation Pattern
There’s no doubt that Amazon is one of the strongest Nasdaq stocks. The tech giant’s stock has been on a steep rise since January 2015. A quick look at the weekly chart reveals two reasons AMZN looks mega-bullish.
The first reason is that the equity has respected the uptrend line for more than five years. AMZN has touched the diagonal support four times and every single time, the stock has bounced. This points to an equity in a strong uptrend.
In addition to that, the stock is creating a large cup and handle pattern that’s visible in both the daily and weekly charts. This is a continuation pattern that suggests that Amazon will resume its uptrend once it breaks out of consolidation.
For a breakout to happen, AMZN must move above resistance of $2,025 with heavy volume.