The stock continued to recover with a sharp rally to follow Monday’s v-shaped bounce, but buyers stalled just a hair below the selloff’s gap-down opening price, 1702.25. There is going to be plenty of supply there, but we shouldn’t underestimate the ability of AMZN’s canny handlers to summon help getting past it from panic-stricken bears. Although I am skeptical that AMZN is headed to new all-time highs on this run-up, today’s chart features a very bullish possibility nonetheless in the form of an 1843.92 target. A theoretical buy signal for a move to that number was triggered on Tuesday, but I’ll go no further out on the limb than to mention the 1745.12 midpoint pivot does not exactly look like an impossible dream from these levels.
