Here’s your trade on Amazon ($AMZN) (March 21, 2022)

by DAN AMZN 
I want to look at Amazon ( NASDAQ: AMZN ) today, here’s why: I have got a couple of boxes here over Amazon’s ( NASDAQ: AMZN ) recent trading ranges, recent if you want to go back to early 2021. You can see where this stock was trading with 3200.00, we’ll say, wherever it was, as support. Each time it came down, bounce, bounce, bounce, bounce, bounce, bounced, and then didn’t right here, so it’s like the 10th time is the charm or something.

Then the stock fell out of here and into a lower trading range. Bounce and bounce and it came up to test this level and failed, ultimately, and then it failed again. Well, now it doesn’t seem to be failing, though you could say, well, it didn’t fail this time either, until it did. I think that Friday’s big gamma-squeeze move certainly pushed Amazon ( NASDAQ: AMZN ) higher.

This is what I would suggest that you do, I don’t have a position in Amazon ( NASDAQ: AMZN ) now, I may have one in a long-term account but I don’t know about it. But as far as a trade I don’t have a position in my account but this is what I would watch for. I would watch for the stock to stay above this box right here, I would watch to stay above it and actually look for it to move back into the other box.

If this stays up here above this prior support, current resistance level, for another day or two, I think you’ve got a lot more upside into here. Now, on a percentage basis, it’s not a massive move. Again, percentage-wise, but if you are trading call options on this, it’s a career-maker.

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