AMZN chart and thoughts

V

VicBee

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A few months ago, in an effort to learn and perhaps validate what many of you take for granted, I noted that AMZN movements fit in triangles. My 1st one (yellow) broke downwards, but held within my 2nd one (red). To my surprise, price held within that triangle until pressure broke upwards, pretty much to hit the top of the "master" triangle (turquoise) before dropping back to the low limit of that triangle.
Today, I was expecting (hoping really) to see a strong rise to hit back the upper line which, to my surprise (no, I was expecting it...) it did!
Of course, Amazon is about to release its Q4 earnings which are rumored to be at an all time high which, I'm hoping, will break their all time high stock price.
Several days remain until the announcement and the price could well drop back to the low line until it breaks out again.
I know I'm not using trader jargon to explain my thought process but hope you get what I discovered to be a useful tool. But am I doing this properly?
 
The trade of that chart, at this point, is to trade the breakout. Do not get into the trade underneath supply. It has also had some good volatility leading up to this, so I’d expect a nice pop. As for a throwback, absolutely. They likely happen. But sometimes they just take off.

in a bull market, use bull market rules.
 
I see the resistance point at 3351 which it once again retreated from. Fridays aren't the best day to expect great upwards movements but if we come to that resistance level, next week should see the pop I've been looking for. Mid 34xx isn't out of the question, low 35xx would be stellar.
 
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Feest said:
Amazon has been stagnate for 6 month, if you think other stocks are too high, AMZN is a bargain.
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Amzn definitely has been a source of frustration for me. It's an expensive stock gaining or losing $200 on a whim or stretching for days on end. Very difficult to gage for anyone looking for a quick buck. I'm still looking for a 34xx ( was hoping for 35xx) but it's looking difficult even if it doesn't make sense considering it will report their highest results to date.
Amzn is a long stock which will reward those holding for years. I just don't have the patience.
 
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