Coming up to a key supply zone. Two possibilities can come from this. Either the price breaks above and, ideally retesting resistance and support, runs to test higher levels.
The broader market seems some pressure and this level is rejected causing the price to retrace to the 200 SMA, and if that can't hold then the demand zone below.
- Great looking chart. Currently setting up within a symmetrical triangle.
- The base range measurement can be projected from the apex to gather a higher probability target than the classic target.
- The ATH resistance is likely to act as the level which initiates the retest of the supply trendline.
- Green arrows show my predicted path IF the stock breaks...
- Very large weekly flag.
- Mean reversion trade is possible down here especially with that MACD divergence in formation.
- Might look to take a trade tomorrow in our premium room.
- If not then I will be looking for the breakout of the $40 region in order to look for a momentum trade with profit targets at $55 and $70 per share.
AMZN future price targets based on historical measurements.
The first target is the measurement of the range AMZN traded in for the last year.
The second target is the minor pole measurement.
The third target is the major pole measurement.
Here we can see our proprietary trend model which was designed for the US equity market, but in theory should function similarly on any trending markets.
The symmetrical triangle does not look ideal on the feed I have but it does look a bit better on some other feeds.
Obviously, a break above is bullish... but the interesting thing is that a break above the...