AMZN did not create a sustainable all time high yet and might head lower short term.
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Short term counter-trend moves are always very welcome because they allow you to enter trading opportunities within a major higher timeframe trend. After Amazon actually broke above the previous all time high but immediately closed back below, we knew that this was a false breakout. If we get a short term move lower, we might get another textbook trading opportunity.
Amazon is about to close the month of August with a very long rejection wick towards the downside which is always an indication for buying strength. If this strength continues, it is quite likely that we will see a breakout and new all time highs.
Unfortunately Amazon was not able to close the month of August with a green candle but instead we "only" saw an intra-month reversal of about +17%. Next steps are clearly new all time highs, a bullish breakout above resistance and a strong rally.
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