3 months hourly chart, THE most important to me when AMZN is trending flat to higher. You can see how the simplest figures work wonders when the overall trend is strongly to the upside. Inverted H&S breakout on April 6, theoretical target at 2300 was amply surpassed; since then, THREE consecutive ascending triangles, each got its backtest-and-bounce except the last. 2780 is big time support for the market to decide if it will keep soaring or if an interim top is in. In the latter case, 2780 will give way and a longer term support will be tested, leading to some boring trendless weekly consolidation.
Full disclosure: currently long with over 10% of total assets, the most I've ever had in a single stock. Bought the last tranche on April 21, currently sitting on a 33% gain on the whole position. Would have a ton more to show off if I had stopped trading in-and-out earlier. Will keep holding until long term rising channel resistence is hit, adding broad portfolio insurance from time to time INSTEAD of selling. This way I can hedge the whole portfolio (mostly biotech and 5G/Cloud/AI stocks). Weak hands sell, strong hands hedge.
Full disclosure: currently long with over 10% of total assets, the most I've ever had in a single stock. Bought the last tranche on April 21, currently sitting on a 33% gain on the whole position. Would have a ton more to show off if I had stopped trading in-and-out earlier. Will keep holding until long term rising channel resistence is hit, adding broad portfolio insurance from time to time INSTEAD of selling. This way I can hedge the whole portfolio (mostly biotech and 5G/Cloud/AI stocks). Weak hands sell, strong hands hedge.
Comment:
Quick note for all the novice chartists and traders to help them grasp the importance of ascending triangles within an uptrend: switch the chart to candlestics or high\low\close, so that you'll be able to see how many times the horizontal resistence is tagged on an intra-hourly basis...especially in the last triangle, the one that projected a move from 2780 to at least 2900, the horizontal breakout level was drawn taking into account intraday action as well as intra-hourly action... so you see, this resistence levels are NOT arbitrary, the markets really care about them and react accordingly.