Amazon.comLong
AMZN impending breakout/breakdown
During the slight pullback in U.S. markets, AMZN broke under its short term support line. However, it has found support at a pair of support lines, in the 3120 range. The RSI just touched its bottom support, so in the short term expect a bounce. I Continue to have a BULLISH outlook for the time being , as Amazon travels further up the channel. However, the trendlines indicate an ascending triangle pattern in The future, and AMZN could breakout either way. Ascending triangles are usually bullish, so in the case that the price breaks above 3700, we would have no choice but to be bullish.
On the other hand, if AMZN skids out in the near future, and falls past 3130, this would be a very bearish sign.
On the other hand, if AMZN skids out in the near future, and falls past 3130, this would be a very bearish sign.
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