Mo money Mo money AMZN to the moon ? AMZN: Bull Flag on Daily Chart
Amazon (AMZN) is forming a bullish flag pattern on the daily chart, indicating potential for further upward movement. This pattern typically suggests a continuation of the prior uptrend after a period of consolidation.
Key observations:
Bull Flag Structure: After a strong upward surge, AMZN has entered a consolidation phase, creating a flag-like formation with parallel downward-sloping lines.
Volume Dynamics: The initial breakout was accompanied by high volume, while the consolidation phase has seen diminishing volume, a classic characteristic of a bull flag.
Support and Resistance Levels: The resistance level is observed around , with support at , defining the flag boundaries.
Moving Averages: AMZN is holding above the , which may provide additional support and align with the bullish outlook.
Potential Breakout: A breakout above the upper boundary of the flag could propel AMZN toward , based on the flagpole's length projection.
Watch for a breakout with increasing volume to confirm the bullish continuation. Keep an eye on broader market trends and any news that may influence AMZN's price action.