Amazon.com, Inc (NASDAQ: AMZN) was consolidating mostly flat on Tuesday after rising about 2.7% on Monday and bursting up through the psychologically important $150 level.
The MUSQ Global Music Industry ETF (ARCA: MUSQ), which holds a 7.8% weighting of Amazon making the e-commerce and streaming giant the fund’s largest holding, was spiking up about 0.7% higher, continuing to trek north from the break of a bull flag, which Benzinga called out on Dec. 5.
Amazon, like Apple (NASDAQ: AAPL), runs a music streaming services division that competes with music streaming giant Spotify Technology S.A. (NYSE: SPOT).
MUSQ, which provides concentrated exposure to the complete music ecosystem, covering streaming, content and distribution, live music events and ticketing, satellite and broadcast radio, equipment and technology, and artificial intelligence, holds a 7.18% weighting of Apple and Spotify is weighted at 2.7% within the fund.
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While Amazon has multiple divisions that generate massive revenues, its music streaming service could offer a high rate of growth over the coming years. Music streaming services continue to thrive, contributing significantly to the growth of recorded music revenues and a recent Goldman Sachs report predicts that the global music industry is poised to generate $153 billion by 2030.
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The AMZN Chart: Amazon broke up bullishly from a triangle pattern and possible bull flag formation on Dec. 13 and confirmed a new uptrend by creating a higher high. Since that date, Amazon has continued to trek south within its uptrend, with the most recent higher high formed on Dec. 14 at $150.54 and the most recent higher low printed at the $145.52 mark on the same day.
The break up from the triangle and bull flag pattern was the most likely scenario because Amazon had been consolidating 26% surge, which took place between Oct. 26 and Nov. 27. If the bull flag is the dominant pattern, the measured move is about 19%, which suggests Amazon could eventually be headed toward the $171…
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