So how high can the share price of Amazon (AMZN) go? That is a question asked by all kinds of investors. Some think the stock is over-valued already. Others sit on the other side of the fence stating that with AMZN's growth it is undervalued.
One of the biggest hurdles that AMZN's share price has faced over the last year is scrutiny from the President of the United States. The POTUS is very critical of the Washington Post, a newspaper outlet owned by Amazon's founder Jeff Bezos. Maybe you have heard the POTUS use the words "fake news" when he refers to the newspaper. The POTUS also hasn't had many kind words for Amazon the company either.
But even with these headwinds, AMZN's share price has seen some nice appreciation over the last year. By rough estimates it looks like those gains are in the ballpark of 50% or so.....
It's time to jump to the charts and see what price targets can be calculated. Time to dive in!
Amazon (AMZN) - Upside Price Targets
This is a 10 year monthly candlestick chart for Amazon (AMZN). I like to start with a monthly candlestick chart to analyze the stock price's long-term trend. More specifically, I like to analyze the long-term buying volume and buying momentum.
I've placed 3 different Fibonacci Extension Tools on different uptrends. I use this tool to calculate price targets and look for confluence areas. Confluence areas are defined as areas where 2 or more Target Lines from different Fibonacci Tools intersect. Over the years I have noticed that when there is a confluence area of 2 or more Target Lines the chances of reaching that price level seem to increase.
There seems to be an interesting confluence area around the $…....
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I look at some pullback areas to begin building a position in the stock as well as calculate an upside price targets for the longer-term.
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