Hi -- beginner trader here!! Posting this to get some other thoughts, insight and to discuss what is happening with this potential breakout!
So when amzn rose to 3250 on Dec 17 it dropped back down, and has been forming another smaller pennant (almost perfectly) since. 3220 has proved to be a very challenging area as well! However I feel it will be a buy once it securely exits the smaller pennant.
A part of me wonders if it will drop back into the larger pennant... just because its getting really compressed and is still not making big bullish moves.
Just the thoughts of a beginner trader!! Please let me know your thoughts, this analysis is simply what I have been noticing, not advised to follow.
Happy holidays.
So when amzn rose to 3250 on Dec 17 it dropped back down, and has been forming another smaller pennant (almost perfectly) since. 3220 has proved to be a very challenging area as well! However I feel it will be a buy once it securely exits the smaller pennant.
A part of me wonders if it will drop back into the larger pennant... just because its getting really compressed and is still not making big bullish moves.
Just the thoughts of a beginner trader!! Please let me know your thoughts, this analysis is simply what I have been noticing, not advised to follow.
Happy holidays.
Comment:
Awesome, it just busted outta that pennant, at the 3208 zone rn. need for it to pass that zone to buy. it tried to pass it 3x recently and failed! a really difficult place.