Amazon.comLong
Amazon trading near the top of a descending channel
I'm watching very carefully here. Amazon has been trading in a downward channel for a couple weeks now. Currently price is near the top of this channel. We are either going to get a breakout to the upside and out of this channel, or a breakdown back into the channel. Given current market sentiment, I'd guess we're due for the latter, but always wait for the candles to confirm. I usually wait for confirmation on the hourly chart.
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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.