December 18, 2011

AMAZON Chart Analysis

  • Amazon weekly chart shows price taking support at the support line of a broadening pattern. If the support line of this pattern holds we may get a bounce in Amazon.
  • One thing to note is that price is yet to hit the long term trend line of Amazon.
  • Daily chart shows positive Divergence. For this to be effective price should trade above 20 Day SMA, For a bigger bounce 50 Day SMA too has to be taken out.