While Jeff Bezos is flying rockets to space his company appears to be setting
itself up for its own take-off.
If we look back at this stock, we can see that price was in consolidation from
September 2020 following a 116% bullish run from March 2020.
Such a strong move was likely to cause long-term sideways movement as the
market would have become exhausted from strong buying.
The consolidation period went from September 2nd 2020 until the breakout on
July 6th 2021. Price then broke out with a large bullish candle.
Despite such a large breakout candle, this could have still turned out to be a
fake breakout, and price could have returned back into the consolidation zone.
This is why we wait for confirmation.
Price appears to be in the process of confirming a continuation of the bull trend.
The move up following the breakout has now seen price pull back to the resistance
turned support at $3552.
This level of support has held up so far, and the 20 simple moving average reinforces
it. So both indicators have worked together to hold price up from declining further.
Price has since bounced from support and looks set to make its way towards the
all-time high at $3773 from the high of July 13th 2021.
If price successfully breaks and closes above this level then this will be our
confirmation of the bull trend continuation and we may even see a move above
the $4000 round number.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
itself up for its own take-off.
If we look back at this stock, we can see that price was in consolidation from
September 2020 following a 116% bullish run from March 2020.
Such a strong move was likely to cause long-term sideways movement as the
market would have become exhausted from strong buying.
The consolidation period went from September 2nd 2020 until the breakout on
July 6th 2021. Price then broke out with a large bullish candle.
Despite such a large breakout candle, this could have still turned out to be a
fake breakout, and price could have returned back into the consolidation zone.
This is why we wait for confirmation.
Price appears to be in the process of confirming a continuation of the bull trend.
The move up following the breakout has now seen price pull back to the resistance
turned support at $3552.
This level of support has held up so far, and the 20 simple moving average reinforces
it. So both indicators have worked together to hold price up from declining further.
Price has since bounced from support and looks set to make its way towards the
all-time high at $3773 from the high of July 13th 2021.
If price successfully breaks and closes above this level then this will be our
confirmation of the bull trend continuation and we may even see a move above
the $4000 round number.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
