Chart of the Day - Tuesday, July 6th, 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.