Amazon - Why is there no resistance?

2 thg 7, 2024

AMZN broke out of a long term consolidation phase and is starting a massive rally.



Every major consolidation is followed by a major breakout. And if the overall trend is bullish, a bullish breakout is more likely to happen. Last month Amazon finally broke above a multi year resistance level and is now heading back to the top of the rising channel formation. If we actually get a retest of the breakout level, you can then simply enter a long position.

Levels to watch: $180, $380

Keep your long term vision,
Philip - BasicTrading

12 thg 7, 2024

Ghi chú

Quick update on Amazon:

We already saw a breakout on Amazon with the monthly candle of June closing above the long term horizontal resistance. Momentum is clearly slowing down though; let's hope Amazon doesn't break below the support level again this month.

Levels to watch: $200