vlad.adrian
Long

Amazon - Corrective double bottom

NASDAQ:AMZN   AMAZON COM INC
311 0 8
I believe Amazon is getting ready for a surge. Looking at the monthly chart, we find this chart at value
snapshot
.

The weekly chart shows some fantastic bullish signals. First of all, price has drawn a corrective double bottom . That is my favorite trading pattern, and one of the most accurate.

The first candle I outlined on the chart was very bearish and it was calling for a break below support, but surprisingly, the following week gaped down and recovered all the loses, drawing a bullish engulfing .

The MACD histogram and more importantly MACD lines show class B bullish divergences.

The Force Index , besides the bullish divergence (13FI is similar to the MACD histogram in patterns), has been as oversold as it can get, breaking out of the Keltner Channel.

Last but not least, the Weis Wave shows extreme volume , close to climactic, and no reward, as Amazon was not able to break the strong support area at 280$.

The impulse is blue, which confirms everything I said above. I have entered today at 307$, and I'm pretty confident we will see 400$ in a few months. Stop below 280$.
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