After the huge move up during the first months of the pandemic AMZN has been taking a breather for sometime now and consolidating within the pennant, which is a continuation pattern. RSI and MACD (not on the chart) have been pretty flat throughout this time, without big moves up or down, corroborating the consolidation. The Accm/Dist has stayed up throughout the consolidation, which means interest in the stock is not weakening although it is trading on a range. I believe this is a very healthy consolidation that will propel AMZN back to ATH and above in the near future. I have a position in AMZN and am adding at these levels, specially when it moves to the lower half of the pennant.
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***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
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Added more to my position this morning after the price dropped to the lower line of the pennant (potentially due to Democrats swinging the Senate in Georgia).
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Beautiful bullish candle printing on the daily. Glad I have been buying the bottom of the triangle:
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I am still accumulating on the lower half of the triangle: