Below is AMZN daily charts on 2nd Aug 2018.

Technical indicators signal for more upside move in short term. RSI is bullish as the indicator crossed the 50 line. MAs are aligning for futher bullish momentum. All price actions happened above the 20 MA confirming the strength of bulls. MACD dipped slightly signaling short term weakness but it’s already pointing up again in the last 2 trading session.

Despite all the bullish euphoria, the potential of profit taking is still imminent. A stock with such explosive move as AMZN is likely to experience drastic profit taking activities as a lot of bulls are carrying hefty paper profit right now.

DISCOLOSURE:
I’ve been piling on AMZN stocks and options since $600. 🙂

2018-08-02 Daily-AMZN