Craig Johnson, senior technical research analyst at Piper Sandler, said he didn't see "any warning signs" in Amazon's chart despite its meteoric climb.
"On a weekly basis, the shares not too long ago broke out of a big multiyear consolidation. Your momentum is very positive," he said. "The stock has also been outperforming the S&P 500. So, portfolio managers who are looking to play some catch-up need stocks like this."Johnson noted that Amazon is trading above its average analyst price target of $2,803.75, which could create another tailwind for the stock in coming weeks.
"I suspect when the next earnings season starts, this is a stock where these analysts, which primarily are all bullish, are going to have to be raising their price objectives," Johnson said. "And if I just look at a chart and sort of measure things out, ... [$3,400], 3,500, sort of at minimum, seems like a price objective of where this stock could ultimately go to. So, we'd still be a buyer of Amazon shares in here, bottom line.
ThinkTankCharts TradingNation 20% wow
TradingNation Buy the Redskins
TradingNation Wholeheartedly Agree....the next wave of stimulus checks should just go directly to amazon anyway..🤦🏾♂️ they are supplying Americans with everything anyway... JustSaying Stimuluscheck
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