Every time AMZN touched the lower line of the pennant and Stoch RSI was in oversold territory and crossed over bullish the price reacted and moved to the top of the pennant. I am watching closely for a Stoch RSI crossover here, which should send the price up one more time. A breakout and close below the pennant would be bearish.
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***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
***If you get anything out of this TA, please like and follow for future updates and more TA. Thanks a lot!***
***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
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AMZN broke below the trendline but is sitting on long term support, which coincides with the 21-ema on the weekly:
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Support holding strong so far. Stoch RSI wants to curl up but needs a little help from some bullish volume:
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And we are below the support outside the pennant. This is not good but I think much of this move down has to do with the fact AMZN curt off Parlour. The technicals didn't change much. I am still accumulating. Although this started as a swing trade, I can very well accumulate for the long term if the pennant setup doesn't pan out. AMZN is not going anywhere anytime soon.
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Great support from the trendline! We are above it now. I bought a little more on the move down. Still accumulating here:
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Keeping an eye on the Stoch RSI. It is trying hard to move up:
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Trying to get back into the pennant:
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Something was strange to me so I looked closely and drew those pennant lines again using smaller time frames. It turns out AMZN never broke outside of the pennant. I apologize for not having made that chart cleaner the first time around. I hope it didn't hurt anybody's trades. In my defense, I am short sighted and am not able to wear glasses at the moment due to another issue on my nose so there you have it:
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Look who is back in business! Watch those emas, they will pose resistance for sure:
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Trying hard to break the cluster of emas. Look at the Stoch RSI curling up. A break above these emas could mean a revisit to the top of the pennant. With some extra volume we could break it but we cross that bridge if/when we get there. For now, I enjoy the fact I have been buying the bottom:
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Support holding strong for the fourth consecutive day:
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Is it today?
