Amazon is just over 5% away from its all-time high and has posted seven straight weeks of gains. Ari Wald says the stock is poised to break out to the upside, but John Petrides says the company may simply be getting too big.
AmazonThe stock just posted its seventh straight week of gains — its longest weekly winning streak in a decade — and the stock chart just formed a "golden cross" pattern, which could signal more gains.
Oppenheimer's Ari Wald says the chart's pattern is "confirmation" of his belief that a favorable macro backdrop will lead to continued demand and outperformance for shares of Amazon. Shares of Amazon have gained nearly 30% this year, but at $1,938 a share the stock is still about 5% from its $2,050 intraday all-time high from September. Wald argues that the stock might soon reach, and then top its prior high.
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