I still have a long bias (refer to initial daily chart) but I'm sitting on my hands for the moment. I'm cautiously watching this rising wedge form with the lower indicators confirming consolidation. Volume is fading, which occurs in consolidation and RSI is falling as well. While rising wedges can break to the upside, the implication is a break to the downside. If we hold support right where we're ($1884.00) at we could see a revisit to $1917.51 or even closer to $1925 area. If we fall out of this wedge we may have another opportunity to load lower, $1874.47 would be a modest pullback from a wedge break, if this pattern plays out, I'd be a buyer at $1853.66 to $1860.00 level.
Comment:
Rising wedge played out! Look for AMZN to gain a footing in the $1850-$1860 range
Comment:
$1853.66 holding for now, still sitting on my hands though. I want to see higher lows in price and the RSI before I take a position.
