Abu-Sushi

AMZN possible Dimond pattern .. what to do

NASDAQ:AMZN   Amazon.com
Hello everyone this is my idea for AMZN on daily time frame ..
I would like to point out on bearish ( thesis side ) and bullish ( thesis side ) and how to execute a plan with best entry and exist ..

Now AMZN could be forming a Dimond pattern which could lead to a strong breakout in any direction
what is interesting is same time the Dimond pattern is folding .. RSI indicator price is stuck inside a triangle waiting for a breakout
which this could be our signal where price could break out …

Bullish thesis ..
If price breaks the Dimond resistance line .. and close above .. same time RSI price breaks triangle .. to higher
we could make a new high ..

Good buying zones for Bulls ...
You wanna be a buyer from Green line .. Dimond support .. as long as green line hold ( no daily candle close below )
You wanna be a buyer from red line .. to target green line and above .. as long as red line hold ( no daily close below )

Bearish thesis ..
You wanna be a seller if price break the Dimond support line .. and close below .. same time RSI price breaks triangle .. to lower
good target green and red line ..

for any question feel free to ask :)

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.