THE CHARTS SHOW AMAZON’S STOCK IS BOTTOMING, PRIMED FOR A 20% GAIN, JIM CRAMER SAYS

  • “The charts, as interpreted by Carolyn Boroden, suggest that Amazon has finally resumed its long-term rally, and she thinks it might be headed to $2,115, which would be a pretty nice run,” CNBC’s Jim Cramer says.
  • “I think you ignore the Fibonacci Queen at your own peril,” the “Mad Money” host says.

Amazon’s stock may have put in a bottom and could be poised to break through the $2,000 price tag, CNBC’s Jim Cramer said Friday.

The “Mad Money” host picked back up on the chart analysis from FibonnacciQueen.com’s Caroly Boroden, who in July forecast that equities of the e-commerce behemoth was on the verge of a bull run that would take the share price to new heights. The stock is down more than 4% since that late-July prediction.

Boroden thinks the stock is back in “uptrend mode,” Cramer said.

“The charts, as interpreted by Carolyn Boroden, suggest that Amazon has finally resumed its long-term rally, and she thinks it might be headed to $2,115, which would be a pretty nice run,” he said. “I think you ignore the Fibonacci Queen at your own peril.”

Boroden suggests buying any dip in Amazon at this time, as long as it holds above $1,743, he said. If it does, $2,155 is “just her first upside target” and the stock could be on its way to $2,216, he added. That would represent a more than 20% gain from Friday’s close.

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