Since last September we have Amazon stocks shaping a symmetrical triangle, or what is the same, building decreasing maximums and increasing minimums.
Symmetric triangles often occur in the midst of trends, both bullish and bearish. And the outcome of it is usually in favor of the previous trend. This is a period of market consolidation, prior to an abrupt movement. Generally acts as a pattern of continuation of the previous trend. Various studies have shown that symmetric triangles are resolved overwhelmingly in the direction of the general trend From the market. But as I always like to say, we have to wait for the price to tell us what it wants to do and when. When it breaks the triangle with force, the normal thing is that we witness an increase in volume. And the upward projection, at a minimum, the width of the triangle from the breakout point of the formation.
The first warning to sailors of an upward exit in Amazon stocks is to overcome the resistance it presents in the last decreasing maximum ($ 3,350). The next resistances are at $ 3,496 and $ 3,552 (all-time highs).
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