8.21.17 | AMZN | Downward Moving Channel to Primary Trend

| AMZN |
Amazon has been trading on a Bullish Primary Trend all year long. Price is on a Bearish Secondary Retracement back to the Primary Trend which has taken shape as a Downward Moving Channel. Currently within the Downward Moving Channel is a Falling Wedge chart pattern pending a Bullish breakout with an overall target at the range of the Channel. I have drawn in a price and time tool to display the potential trading range of the breakout. In the background you will see key support and resistance lines drawn in, these are based on the strongest pivot points that Amazon will be trading on relative to the current price action. As well I have labeled a Zone as "Greedy Demand" to represent where buyers are and have been optimistic about Amazon's success, and it's Stock's value; this is also where price will find strong support which is intersecting with the Primary Trend-line suggesting that price action will reverse bullish at this level.

Entry, limit order at $952
Exit, at the range or when your comfortable
Stop, just below today's low.
This is a minor trend trade. Keep in mind the overall direction is bearish to support of the primary.


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