timwest

AMZN closer to support than resistance

BATS:AMZN   AMAZON COM INC
750 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
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Agreed.
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Agreed.
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Followed.
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Followed.
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Agreed.
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Followed.
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I think will go back to 200. RSI(14) and MACD(12,26) trend suggests.
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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
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Thank you for the best analysis on the web.
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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.
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