Amazon needs to establish new highs for tech to resume rally
Diupdate
Amazon has many faces; part of FAANG, bell-weather US tech name, high multiple flag bearer, Covid beneficiary etc...I am sure you get the point, whether Amazon can break out and resume the uptrend matters for sentiment across multiple tech perspectives.
I suspect that whether Amazon can sustain a breakout, given the stock's high multiple, is in part linked to where yields are heading (higher yields compress multiples).
If yields are heading higher, on balance, I think the risk is that Amazon's stock price does not sustain new highs and that adds weight to the call that US tech has peaked.
Trading against a decade long trend is risky. This is not investment advice, do your own research.
I suspect that whether Amazon can sustain a breakout, given the stock's high multiple, is in part linked to where yields are heading (higher yields compress multiples).
If yields are heading higher, on balance, I think the risk is that Amazon's stock price does not sustain new highs and that adds weight to the call that US tech has peaked.
Trading against a decade long trend is risky. This is not investment advice, do your own research.
Catatan
I am inclined to cover the short into a test of the range, around 2900. I subscribe the Raoul Pal's exponential thesis and see this correction as macro driven rather than Amazon specific. If I am right, you will probably see a support of the range.
I am not a registered investment advisor. Nothing I say, or share, constitutes investment advice. Take responsibility for your risk and do your own research.
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