Amazon - Breakdown of the breakout!

20 JunAMZN is definitely ready for a major bullish (triangle) breakout.



Here we have a textbook example of a bullish stock. Amazon's stock chart is simply moving from bottom left to top right. Of course there are minor corrections here and there, but the trend is clearly higher. For the past four months, Amazon has been hugging a horizontal resistance level and is preparing a bullish breakout. This will certainly become a decent break and retest setup.

Levels to watch: $185

Keep your long term vision,
Philip - BasicTrading

26 Jun

Komentar

Quick update on Amazon:

Breakout! Or maybe not? It seems like Amazon is starting to break massive resistance towards the upside and is preparing an even stronger follow up rally. Waiting for this monthly candle to close will be very important though.

Levels to watch: $185