AMZN 673.25 – bullish – Scope for triangle breakout target at 700.51
AMZN rallied strongly from breaking above the 580.57/570.94 triangle resistance (July 20/October 12, 2015 weekly highs) to a new record high at 675.96 Wednesday (November 11, 2015). Overbought indicators cautions for pullbacks. Short-term bullish momentum could propel the stock higher towards the 700.51 triangle breakout target (580.57-451.00 from 570.94) next. The 619.45/620.41 zone (October 19 high/November 2, 2015 low) should provide immediate support. Beneath lies the 596.29 low (October 26, 2015) near the 10-month rising trendline (from January 19, 2015 weekly low).
Outlook:
Daily: bullish
Weekly: bullish
AMZN rallied strongly from breaking above the 580.57/570.94 triangle resistance (July 20/October 12, 2015 weekly highs) to a new record high at 675.96 Wednesday (November 11, 2015). Overbought indicators cautions for pullbacks. Short-term bullish momentum could propel the stock higher towards the 700.51 triangle breakout target (580.57-451.00 from 570.94) next. The 619.45/620.41 zone (October 19 high/November 2, 2015 low) should provide immediate support. Beneath lies the 596.29 low (October 26, 2015) near the 10-month rising trendline (from January 19, 2015 weekly low).
Outlook:
Daily: bullish
Weekly: bullish
