Amazon (AMZN) must really be planning on some expensive new digs.

The company is reportedly announcing Friday that its cost for monthly Amazon Prime memberships will increase from $10.99 to $12.99 in the U.S., an 18% price hike that works out to $156 a year. The annual Prime memberships will remain unchanged at $99 a year.

That price hike news comes on the heels of Amazon releasing its short list for HQ2, the firm's second North American headquarters. Out of 238 potential locations, the firm has narrowed its list to 20 places around the U.S. and Canada.

But there's a different kind of price hike that investors should be paying attention to right now -- I'm talking about the hike that shares of Amazon look ready to continue as we head higher into 2018.

To figure out how to trade it, we're turning to the chart for a technical look:

It's been hard to miss the recent positive price trajectory in shares of Amazon. Since late September, shares are up nearly 40%. Along the way, the stock's price action has been defined by an uptrending channel, a basic price setup that's about as simple as they get.

In short, Amazon's uptrend has identified the high-probability range for shares to remain stuck within over the intermediate term. And with shares smack-dab in the middle of their trend channel after rallying more than 10.7% following the most recent test of trendline support at the start of the calendar year, Amazon stock has more room to rally. 

Shorter term, things look just as bullish. Amazon is forming a very short-term ascending triangle pattern, a continuation setup for January's rally that triggers a buy with a push through resistance up at $1,325. A breakout above that $1,325 level is a signal that buyers are still very much in control of Amazon's price action and higher ground looks likely from here.

Relative strength, the indicator down at the bottom of Amazon's chart, adds some extra confidence to the upside move here. Our relative strength gauge has been making higher lows of its own, confirming that Amazon isn't just performing here, it's systematically outperforming the rest of the broad market. As long as that uptrend in relative strength stays intact, this tech giant remains statistically predisposed to keep on outperforming.

If you don't already own Amazon stock, it's a good idea to wait for shares to crack the $1,325 level materially before pulling the trigger on this trade.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

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