gingerheadtrader
Long

Amazon trading near the top of a descending channel

NASDAQ:AMZN   AMAZON COM INC
I'm watching very carefully here. Amazon has been trading in a downward channel for a couple weeks now. Currently price is near the top of this channel. We are either going to get a breakout to the upside and out of this channel, or a breakdown back into the channel. Given current market sentiment, I'd guess we're due for the latter, but always wait for the candles to confirm. I usually wait for confirmation on the hourly chart.
Nice analysis hope it breaks to the upside.
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