AMAZON Making a bullish break out, potentially long term.
Amazon / AMZN had a huge price leap after yesterday's earnings release and already crossed over the top of the Falling Wedge pattern.
This is the main pattern despite the fact that a Channel Down potentially exists as the Wedge's Lower High was priced/ rejected on the 1day MA50.
Equally important is the fact that yesterday the price fall stopped a little over the 1day MA200, which is the first long term Support (1week MA50 being the second).
Buy for the long term and target 145.80 (Resistance B).
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This is the main pattern despite the fact that a Channel Down potentially exists as the Wedge's Lower High was priced/ rejected on the 1day MA50.
Equally important is the fact that yesterday the price fall stopped a little over the 1day MA200, which is the first long term Support (1week MA50 being the second).
Buy for the long term and target 145.80 (Resistance B).
Follow us, like the idea and leave a comment below!!
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