Technician’s Edge: Rounded Arc and Support on Amazon AMZN
Today’s column at GreenFaucet’s Technician’s Edge addresses the interested “Rounded Arc and Critical Support Level in Amazon.”
In the column, I highlight the “Rounded Reversal” (arc) chart formation (complete with negative momentum divergence) that formed at the $145 level which formed a ‘mirror image’ decline to complete a (near) perfect arc.
Initial support rests at the $115.00 level, but the key line in the sand exists at the October gap low of $110.00.
Any break under $110.00 would likely slice through the ‘open air’ to fill the gap, pulling price lower to the $95.00 level.
If you’re not a trader of Amazon, then this is a very interesting chart pattern to observe, but if trading, keep a close eye on those key levels. Full commentary is available at the Technician’s Edge column.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Hey guys. I love all these great blogs. Hank Paulson on PBS/Charlie Rose hyping his book. I have never heard anyone hm and haw so much. He barely can say 3 words together. Somebody better in the know (thats anyone but me) needs to decipher this and try to figure out what he's trying to hide.
I know so so little, but the last few years I've multiplied my knowledge which might fill 2-3 thimbles now. Thanks again to all you guys, GA
Hey guys. I love all these great blogs. Hank Paulson on PBS/Charlie Rose hyping his book. I have never heard anyone hm and haw so much. He barely can say 3 words together. Somebody better in the know (thats anyone but me) needs to decipher this and try to figure out what he's trying to hide.
I know so so little, but the last few years I've multiplied my knowledge which might fill 2-3 thimbles now. Thanks again to all you guys, GA
I really appreciate the TA on AMZN. Depending on tomorrow's job numbers and the reaction I might buy some puts. Thanks
Good blog.
I like to look at market internals(buying vs. selling pressure) on an hourly time frame. The indicator I use is this one:
http://bit.ly/axhMl7
looks like you've got a rounded reversal on AMD too, with the same support above a gap at around $6.12
here's a link to the chart
AMD Rounded Reversal
looks like you've got a rounded reversal on AMD too, with the same support above a gap at around $6.12
here's a link to the chart
AMD Rounded Reversal