Amazon Breakout leaves little to doubt. Low-risk 18% profit!
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.
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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).
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.