nmike
Long

AMAZON weekly

BATS:AMZN   AMAZON.COM, INC
371 8 2
That's one long HAMMER . A classic example of a reversal candle stick pattern at support with an oversold stochastic .
Normally I would like to see what the next candle looks like because this hammer is considered a NAKED HAMMER (not confirmed), but due to the size of the hammer's shadow, it is likely that Amazon will move higher.Near term price target $247
Oh thats a hammer alright.
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TARGET REACHED ACCORDING TO LAST COMMENT......happy hoidays
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This trade is a good example of trading NAKED reversal candles (huge hammer).However if you practice good money management and keep your losses small you will survive to fight another day.Last week there was a CONFIRMED bullish 3 candle stick pattern which led price to eventually hit my original target. If price breaks $247, look for AMZN to reach previous high.
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After a failed naked HAMMER and most likely due to overall market conditions, AMZN is back on track.Target $247.
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It's right on the 233 support.T minus and counting to liftoff.
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Tempting chart. I was considering this one, however, I just found the next candle on another chart, plus a potential resistance. What do you think?
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nmike Series7Seeker
I'm not a fan of PITCHFORKS.Channeling is a much better way to find support / resistance
 
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nmike Series7Seeker
https://www.tradingview.com/e/GwYyHEBg/
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