Zeroing In on an Amazon Entry
In the bigger picture, my chart in Amazon (AMZN) is still bullish, and it's showing me upside potential to the $241.31 area. To help me refine a possible entry in this stock, I am going to take it down to a 120-minute chart and run my analysis from there.
On this chart, seen below, you can see a clear pattern of higher highs and lows. Ideally, in order for this bullish pattern to remain intact, I would like to see Amazon hold above the prior swing low made at the $218.75 level. For an entry, I would like to see the stock hold above one of two Fibonacci price cluster zones that come in above this prior high. The first of these comes in at $222.47 to $224.25, and the second is $220.32 to $221.75. Both of these zones include 100% or symmetry projections of prior declines, which I have projected from the recent high made at $230.50....276 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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