Amazon has some pretty lofty analyst price targets, most around $1100 a share. But, the price appears to be setting up a descending triangle pattern, I'm not too familiar with this pattern but from what I understand its a pattern that suggests a downward break in price movement. I'll be watching this closely to see how price breaks out of the pattern. Looking for a break through the upper trendlines on RSI, Price, MacD or volume.
If you're more familiar with this pattern or things to watch for please feel free to comment.
If you're more familiar with this pattern or things to watch for please feel free to comment.
Comment:
Looks to me that if we get one more green day we will be above the top resistance point and there could possibly be a macD cross. I'm curious if price will rally now into earnings, or trade in this wedge and breakout after earnings. From what I remember lots of tech tickers beat on earnings last quarter and were followed by a 5-10% drop, I'd be very surprised if that happened again.
