Technical Analysis & Outlook Video for Tesla and Amazon Stocks Week Feb 20th
On Tesla here this week, The Trend is strong. Price is retesting the highs and a possible double top at 290 supply zone. Last week if you may recall we were hoping for a pull back to the $258 demand zone before the strong retest of 290. However that did not happen. This week we are looking for price to retest back down and reform this resistance zone into a new demand zone at $250 daily demand zone. Bottom Line: The trend is strong and if you are not already in a long position it would be good to wait for a pullback like the $250 daily demand level. Taking the counter trend here is also an option but you have to ask yourself if you want to try to pick ‘the top’ or run with the trend to the upside.
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On Amazon this week we are looking for price to bust through daily weekly supply zones at $847 and for it to continue to rally. On the weekly time frame price has reformed the supply level and now it’s ready to turn into brand new demand zone that can be tested in weeks to come. We are seeing a shift from supply to demand here if the high is broken and price closes above it. Long Term I’m looking for price to move into the $900 area as this is the next big whole number. However that maybe a 6 month outlook. Bottom Line: If you are not long already this is a good area not to get long but wait. If you want to take the counter-trend trade here this is small risk to possibility high reward to the downside. My recommendation is to go with the trend and don’t stand in front of the bus.