AMZN Breakout

Sep 26, 2018

I was wrong. It wasn't a triangle, it was a channel that AMZN was pulling back through. As shown, it broke through today and seems to have high potential of easily pushing through other resistance lines to the $2040 resistance. Beyond that, it is hard to tell, but it seems to meet resistance/support levels every $20 to $25 or so, so keep that in mind as it rises and we find resistance levels.

Am I the only idiot who thought they saw a head and shoulders pattern this morning and went short in this joker? MAN! I had a small loss since it was OBVIOUSLY not dropping like a rock for long after passing what seemed to be the neck line, but I would love to hear if anyone else thought this or if I just majorly misread that pattern. Thanks!

Sep 26, 2018

Note

Let me clarify: by saying it can "easily" move to 2040, I mean that I don't see it taking long to get there or having too many hiccups on route. That does not mean it won't have some pullbacks and resistance. I am hoping for $2040 by early next week personally, but we will see.

Sep 29, 2018

Note

For the record, I unfortunately did not take a position on this move as planned. My work schedule this week did not allow me a decent entry into what I would consider an optimum point for my risk management style, so I sat on the side lines for this one. Congrats to those who profited big from this run!
Also, I think next week's price action will determine if I am still bullish on this stock or if I will join the dark side with potential short positions if this actually looks to become the top for AMZN.