$AMZN Ascending Triangle
MONTHLY CHART
WEEKLY CHART
Main Support/Resistance Lines
1. $277
2. $1450
3. $1615
4. $2077
Trend lines
1. The first main trend line is the older one begging from the 90s
2. The second main trend line is an uptrend and begin around 2015
3.The third main trend line begins around 2014 is broken now (blue dots in the chart) but help as define the ascending triangle.
Ascending Triangle
As we see in the daily chart but also in the weekly and monthly chart, there is the creation of the ascending line between the Resistance No. 4 (2077$) and the trend lines 2 and 3. The price bouncing between those three main lines.
Divergence
Also in the weekly and monthly chart we can see a bearish divergence formed that lead us to the thought that the price will fall a bit back in the second or third trend line and then bounces back to form the breakout.
Scenarios
So in the future we can expect we can expect the price bounces in the 4th resistance and then back to 2nd or 3rd trend line and then bounces back to the breakout with the ascending triangle.
WEEKLY CHART
Main Support/Resistance Lines
1. $277
2. $1450
3. $1615
4. $2077
Trend lines
1. The first main trend line is the older one begging from the 90s
2. The second main trend line is an uptrend and begin around 2015
3.The third main trend line begins around 2014 is broken now (blue dots in the chart) but help as define the ascending triangle.
Ascending Triangle
As we see in the daily chart but also in the weekly and monthly chart, there is the creation of the ascending line between the Resistance No. 4 (2077$) and the trend lines 2 and 3. The price bouncing between those three main lines.
Divergence
Also in the weekly and monthly chart we can see a bearish divergence formed that lead us to the thought that the price will fall a bit back in the second or third trend line and then bounces back to form the breakout.
Scenarios
So in the future we can expect we can expect the price bounces in the 4th resistance and then back to 2nd or 3rd trend line and then bounces back to the breakout with the ascending triangle.
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