Amazon breaks out of falling channel pattern - CAPITAL STREET FX
TECHNICAL ANALYSIS: AMAZON STOCK BREAKS OUT OF PATTERN AND PRINTS A BULLISH CANDLESTICK . On Wednesday, Amazon emerged bullishly from a falling channel pattern. Amazon’s session on Wednesday ended close to the day’s peak, so Thursday’s pricing could be higher. After posting a bullish day on Wednesday, when the stock rose 1.39%, Amazon.com Inc.’s shares was trading flat in the premarket on Thursday. Amazon was in a falling channel pattern where the stock was making lower lows and lower highs between two parallel trendlines. The surge higher helped Amazon to break out of this pattern. The pattern is negative in the near term but has the potential to turn bullish later. For bearish traders, the “trend is your friend” (until it’s not) and the stock is likely to continue downwards. Aggressive traders may decide to short the stock at the upper trendline and exit the trade at the lower trendline. Bullish traders will want to watch for a breakup from the upper descending trendline, on hi...