AMZN closer to support than resistance

749 13 3
I view Amazon as close enough to a level to buy because the distance to "massive support" is roughly 12 pts away and the distance to "strong sellers is 22 points. This provides us with nearly a 2:1 ratio of upside potential to downside risk.

By: Tim West, June 4, 2012 209.88 last, 9:41AM EST
Subscribe to my indicator package KEY HIDDEN LEVELS $20/mo or a discount for a year and join in the trading room KEY HIDDEN LEVELS here at TradingView.com
I'd suggest exiting half and raising the stop to profitable on the other half. I don't like how this has rallied - it appears to be too fast and perhaps unsustainable and in need of a sharp correction to this rally. Plus, 224 is an area with plenty of supply and it made it to within 1% of that price today. Let's just exit and see what happens. As a side note, I joined Amazon Prime this last month and I love it. It is a nice add-on to having Netflix (which I also love, and note the NFLX trades this year that were 'spot on'). Cheers. Tim 11:30AM Thursday Jun 7 2012
Thank you for the best analysis on the web.
timwest PRO charttrader
Thanks chart trader. I took a week's vacation last week. It's been a 9 months so far on Tradingview and I have really enjoyed being a part of it. Thanks for your kind comment.
I had an impression that you at vacation, hope it was good. Thank you for sharing your ideas, you are the big part of the community indeed. And thank you TradingView for the great format.
How does Prime Instant Videos work for you?
timwest PRO charttrader
I like Prime Instant Videos. I also have Netflix so when my kids want to watch something then I have an alternative. I am easy to please though in the movie department. The way I look at it is that the cost of driving 8 miles to a movie theater and back is about $4.00 and the cost of Amazon Prime is only twice that cost... so it is a great incentive to cut back on my trips to the movie theater.
I think will go back to 200. RSI(14) and MACD(12,26) trend suggests.
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