Today's impressive AMZN daily candle signals a breakout of a 4-month long triangle. Measuring the height of the triangle at its basis gives a target of $3886, that's 18% profit. Taking the stop loss a bit below the previous swing low at $3050 gives us a clean trade of 2:5 risk-reward ratio. The day hasn't closed yet but let's hope the green candle stays solid.
The rising arrow I drew plateus horizontally at zones that I believe are resistance zones measured through Fibonacci extension from the previous swing.
The rising arrow I drew plateus horizontally at zones that I believe are resistance zones measured through Fibonacci extension from the previous swing.
Trade active
Amazon gave us a little scare coming as close as $30 to our stop loss. But, now it's picking up. Either way, we keep the stop loss where it is. This trade actually becomes a double bottom trade with the target being the top (of 29 Dec @ $3350) between the two bottoms (11 Dec and 12 Jan).Note
The resistance I illustrated earlier by the horizontal portion of my prediction path at $3350 has been broken by today's movement. This is very bullish. The next resistance is at $3620, but the momentum looks too strong to be held by that line for long, let alone get reversed by it.
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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.