Everyone talking about about the space race between Jeff Bezos and Richard Branson, but the joke is on them.
The real race has been won by Amazon stock, which just broke out to new all-time highs on the back of a potential "breakaway gap."
$4,220 ahead? pic.twitter.com/neCeZl1b0N
— Tom Bruni, CMT (@BruniCharting) July 6, 2021
Today’s Chart of the Day was shared by Tom Bruni (@BruniCharting). It’s a daily candlestick chart of Amazon ($AMZN) over the past year. A couple of weeks ago, we explained that $AMZN was testing a crucial resistance level around $3,500. As Tom points out, $AMZN blasted through resistance in today’s session and closed at an all-time high for the first time since last September. The stock has been stuck in a well-defined range for the past 10-months. Using the height of that range ($670), Tom projects a measured move price target of $4,220, which is about 15% higher from here. Keep in mind, this is the largest stock in the Consumer Discretionary sector, and the 3rd largest stock in both the S&P 500 and the Nasdaq 100. After nearly a year of sideways price action, one of the largest stocks in the market looks poised for another leg higher.