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What If AMZN Is Getting Second Wind?

By: Rick Ackerman, Rick's Picks

 -- Published: Friday, 13 October 2017 | Print  | Disqus 

Today’s bullish surge was strongly impulsive on the hourly chart (see inset), surpassing no fewer than four prior peaks, three of them ‘external’. From a technical standpoint it transformed a bearish head-and-shoulders formation that has been taking shape since May into something else — presumably a consolidation pattern with enough energy to push the stock above the all-time high at 1083.31 recorded in late July. We shall soon see. Of course, if the bull market in AMZN is about to get second wind, it holds bullish implications for the stock market as a whole, since the company is the most important retailer in the world.  Concerning AMZN’s chart, from a trading perspective the rally from the September low at 931.75 was as appealing a ‘counterintuitive’ set-up as we could have imagined, since the low was just inches from June’s watershed bottom at 927.00. If you don’t subscribe, click here for a free two-week trial that will allow you to see the tout, and also to enter the Rick’s Picks chat room, where great traders from around the world swap timely ideas 24/7.


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 -- Published: Friday, 13 October 2017 | E-Mail  | Print  | Source: GoldSeek.com

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