AMZN Neutral - Explosive bullish move possible if falling blade

9 gen 2023

AMZN is in a large falling wedge within which there is a smaller falling wedge, which in the event of a price breakout can be very bullish. Friday opened the day at the same levels, only for the price to start falling, but like most stocks, AMZN found buyers and ended the day higher, which is bullish.
It is below all important MAs which is bearish for now.

The RSI has distinct bullish divergences and indicates a likely bullish move.
The MACD line has crossed over the signal line which indicates relative strength and is bullish. On the other hand, the zero line could represent resistance to the fact.

Overall: if the price of AMZN crosses 88 it would break this extremely bullish pattern (falling wedge) and would indicate a likely rise to at least the 50 day MA (blue falling line). On the other hand, if the price continues to move within the falling lines, and the longer it moves, the more significant the growth will be due to the breakthrough of the upper trend line.
Entry would be when the price breaks the blue dotted line

11 gen 2023

Nota

Strong resistance is at around 96-97 areas. I took half out at 92.97$. The second half will be taken out when one of two conditions is met: AMZN pump to that strong resistance or before day close.

Remember, tomorrow is the CPI report. Trading over that report could be very bad for our portfolio!

Good luck everyone.

12 gen 2023

Nota

Sure enough, AMZN pump till the resistance line and was rejected right away which is bearish. Only a strong close above the falling blue line aka breakout from this bigger falling wenge would indicate a new long position.

It was 4.8% for the first half and 5% for the second half, altogether 4.9% income trade. Let's wait for the next opportunity and wait until the market came to us not run for the market!