Feb 16, 2013

Rising Wedge Breakout (NASDAQ;AMZN)


Here is an interesting stock chart I created. 

Take a look at AMZN on a daily chart and you will find a rising wedge, which seems to have confirmed a support breakout; 69% of rising wedges have a downward breakout. So now the question is, how much should it drop? All other things being held constant, I would say support can be found at the top horizontal line. If I am wrong, the lower horizontal line should lend support to AMZN.

Alexander Schachter

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