AMAZON 1st bullish break-out made. Only the 1D MA50 left.

Amazon (AMZN) made a Channel Down Lower Low on Thursday just before hitting the 1D MA200 (orange trend-line) and following the higher than expected earnings opened Friday much higher. That price jump broke above the September 14 Lower Highs trend-line. The 2nd and final bullish break-out we expect before buying again for the long-term will be above the 1D MA50 (blue trend-line), which is where the October 12 rejection took place.

A candle closing above it, would invalidate the medium-term bearish bias and most likely restore the stock back on long-term bullish trend. The 1D RSI Double Bottom is what at the moment is shifting the sentiment a little more towards a potential bullish break-out. On the other hand, a break below the 4H MA200 will cancel it. Our target is 146.00, just under the August 16 2022 High.

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