Amazon shares delivered another solid week of gains closing with a wide spread up candle and excellent volume confirming bullish sentiment remains intact for the stock and closing at $1950.63. Last weeks price action supported by better than expected earnings snuffed out the weakness that had been developing since mid-March with rising prices and falling volume.
Amazon now looks set for further and a retest of the heady highs of $2050 last seen in 2018.
As we now approach these levels, the volume is also falling away on the VPOC histogram, and with little in the way of price resistance ahead, progress should be straightforward with the trend monitor having transitioned to blue to reflect the current picture.
By Anna Coulling
Charts from NinjaTrader and indicators from Quantum Trading
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