AMZN
retested the 1900 support line for the second time, completing a possible head and shoulders pattern or a simple double bottom. A break of this 1900 level could be bad news for the near-term. I'm long-term bullish on Amazon but the over-exuberance following it's recent upgrades caused it pop too much in the past month, failing to retest it's gained support along the way.
The current retracement was necessary no matter what, if it kept going up in this fashion then the eventual correction would be even harder in the future.
Kommentera:
Edit: AMZN retested for the third time not second.