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*** These days I post my charts/thoughts on under the same user name BreakoutTrader *** "Charts are worth a million words." - Ralph Acampora "Having learned what folly I was capable of, I closed that particular incident." - Reminiscences of a Stock... More
  • AMZN Amazon: On The Move 0 comments
    Mar 29, 2012 7:39 AM | about stocks: AMZN

    AMZN had been in a trading range between $175 and $195 area
    since mid-January. It broke out of that trading range on 3/26 with
    above average volume and continued to move up with increasing
    volume until today (3/28). It pulled back with less volume today in
    a down market day and closed at 201.16.

    The following weekly chart shows, although the week is not over
    yet, first sign of a possible uptrend as identified by the last green
    bar in the middle pane. AMZN has also started outperforming
    market index S&P 500 (green dots on the lower pane) in strength
    since last week. This broke the underperforming relative strength
    trend (red dots on lower pane) since the week of 10/24/2011.


    The following daily chart shows a channel AMZN may follow to
    move higher. It was near the upper channel line yesterday and closed today near the middle channel line. On a daily basis, it
    appears that AMZN has broken out of a 3-month trading range
    sinc January. Momentum and volatility are also on the rise.
    Barring any negative news events and general market weakness,
    AMZN could continue its move higher.


    Disclosure: I am long AMZN.

    Stocks: AMZN
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