AMZN Is Poised For A Monster Sized Run
I was bored with Amazon's chart for a long time. Its price range has been contracting for 10 weeks, more if you include the correction the S&P500 went through in September.
But it looks like it's finally ready to wake up. The price action has contracted all the way down to a narrow 3% range (#2 on the chart) and the last consolidation contraction has now formed a falling wedge, one of my favorite bullish patterns.
But it gets better than that because as the wedge formed the volume drew back to a trickle (#3). This is textbook VCP!
I placed the TSLA chart below. See any similarities? It formed a perfect VCP, ending in a falling wedge, just before it exploded upward on the S&P500 inclusion news.
I'm not going to try to predict exactly when it's going to go on a monster sized run, or how much it's going to up. But the chart tells me that the odds of a monster sized run kicking off soon are very good.
I'll be looking for it to break out into the $3,290's on good volume before I buy in. I've got enough cash set aside to step my way into a full position once that happens.
All eyes are on you Amazon. The market may have forgotten about you, but I can see that your intentions are to give TSLA's chart a run for its money.
Dec. 30, 2020
This is a brief explanation of what I saw in TTWO that caused me to increase my position today.
Dec. 27, 2020
The AMZN chart looks a heck of a lot like TSLA just before it exploded into the $600 range.
Dec. 23, 2020
Here's a quick explanation about why I opened a position in EXAS as it broke out of its' base.
Dec. 15, 2020
Crowdstrike just had amazing earnings and their stock gapped up because of it. We are just off the all time high set just a few days back.
Dec. 14, 2020
Paypal's breakout looked strong today. It finished the day at 98% of it's 30 day volume average and rose just over 3%. The volume seemed to be trending higher than 98% earlier in the day but it started to trail off. I was a little dissapointed in that but the trade still looks promising.