shantty0926

Amazon currently overbought

NASDAQ:AMZN   AMAZON COM INC
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8
Amazon is currently overbought.

It might continue to go up to 3025.96 before it retraces back to 2667.22. The key point is to observe if it breaks its current highs.

I'm still learning to chart, any suggestion or criticism is welcome.

Comments

I suggest that you pay a lot of attention to the hourly chart on AMZN. It is THE most important chart during normal, uptrending times; don't care what anybody says. All the technical figures that allowed me to make a fortune on long AMZN trades are crystal clear on the hourly; ascending triangles are especially reliable, almost guaranteed gains. There's support at 2780; until and unless that is breached, one should not worry about lower targets.
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shantty0926 Luke8111
@Luke8111, I see, thank you very much for that. Really appreciated. I can see the support you're talking about.
+1 Reply
Luke8111 shantty0926
@shantty0926, well if AMZN gets to 3000+, that may signal the kind of euphoria that coincides with market tops (hopefully short-term). In that case, the retracement would probably blow throgh 2780 and go to the support you referred to. As always, making predictions is darn hard.
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@Luke8111, It's currently showing overlybought on the 1H chart. Do you think it's still a buy right now?
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Luke8111 RocktheCharts
@RocktheCharts, considering the +7% in two days on top of the "old" 2800 target (deriverd from a bullish ascending triangle on the hourly chart, worked like a charm as always), absolutely NOT. Don't chase prices, it always ends in tears... be prepared to buy on retracements, buy a little on short-term supports, a little more if it gets to longer-term supports, and be in the position to NEVER have to sell on a bad day. Shrug off the bad days, or use them to add at a discount, depending on your overall exposure. Learn to ride your winners longer than you feel comfortable; learn to add hedges via inverse ETFs on broad indeces to reduce portfolio volatility. Sticking with your winners through good and bad times gives you a "feel" for them that hyperactive traders will NEVER posses. That's your edge. Only sell what you need to buy some insurance, via puts or inverse ETFs (I prefer the latter beacuse they have no expiration, sooner or later you'll be able to sell them at a gain, provided you bought them during an euphoric time).
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@Luke8111, Thanks for the input! It's truly appreciated.
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