Amazon looks set to blow right up here and close all the purple lines (gap fills)) on this daily time frame chart . NY times article today about 10,000 lay offs should drive this higher as with META last week. I expect this to go on and take out ATH's within a few years- but still have to be cautious until bear market is negated. Nevertheless Amazon is a great long term buy and hold here. We will likely see a fake break of the 100 and this will take us up to 110 and more.
N.B. just keeping all the resistance lines (red) on this chart to show potential take profit points for shorter term traders. Green lines are support.
N.B. just keeping all the resistance lines (red) on this chart to show potential take profit points for shorter term traders. Green lines are support.
Trade closed manually:
Weekly MACDH has turned negative, so the trade is invalidated, I'm out waiting for a re-entry signal for longs
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