Josh Brown sees 20% rise in Amazon’s share price in 2021 – Amazon (AMZN)
Ritholtz Wealth Management CEO Josh Brown said he’s starting to get really excited about setting up Amazon.com Inc. (NASDAQ: AMZN) Tuesday on CNBC’s “Fast Money: Halftime Report”.
A technical analysis: From a technical standpoint, consolidation is good because it creates a support level or base for a stock to move higher, Brown said, adding “the bigger the base, the bigger the space. “once the stock comes out of its consolidation phase.
Amazon has been building a base since August 2020, he noted.
Brown told CNBC he is seeing a tightening in Amazon’s consolidation range. This usually precedes a breakout up or down, and Brown said he expects Amazon to come out higher after the consolidation resolves.
Amazon has “one of the best” fundamental stories besides its favorable technical setup, he noted.
Brown told CNBC he believes Amazon’s stock price could rise 20% before the end of 2021.
See also: Amazon in talks to buy MGM
Price action: Amazon traded as high as $ 3,554 and as low as $ 2,330 over a 52 week period.
On the last check on Tuesday, the stock was up 0.69% to $ 3,267.33.
(Photo provided by Amazon.)
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