Amazon , bullish
Hello friends,
I want to give my opinion on Amazon.
This analysis is done in the long term, it does not guarantee or know what may happen in the very short term.
It is in a clear upward trend, since July 2020, a pattern known as a symmetrical triangle began to form.
What does this pattern consist of?
A symmetrical triangle is a chart pattern characterized by two converging trend lines connecting a series of sequential peaks and troughs. These trend lines should be converging at a roughly equal slope. Trend lines that are converging at unequal slopes are referred to as a rising wedge, falling wedge, ascending triangle, or descending triangle.
Symmetrical triangles differ from ascending triangles and descending triangles in that the upper and lower trendlines are both sloping towards a center point. In contrast, ascending triangles have a horizontal upper trendline, predicting a potential breakout higher, and descending triangles have a horizontal lower trendline, predicting a potential breakdown lower. Symmetrical triangles are also similar to pennants and flags in some ways, but pennants have upward sloping trendlines rather than converging trendlines.
In the graph itself, I indicate where the buying / selling zones would be.
Also as I think it will respect the pattern and break upwards, I also indicate where it would be an ideal point to take part of the profits.
I want to give my opinion on Amazon.
This analysis is done in the long term, it does not guarantee or know what may happen in the very short term.
It is in a clear upward trend, since July 2020, a pattern known as a symmetrical triangle began to form.
What does this pattern consist of?
A symmetrical triangle is a chart pattern characterized by two converging trend lines connecting a series of sequential peaks and troughs. These trend lines should be converging at a roughly equal slope. Trend lines that are converging at unequal slopes are referred to as a rising wedge, falling wedge, ascending triangle, or descending triangle.
Symmetrical triangles differ from ascending triangles and descending triangles in that the upper and lower trendlines are both sloping towards a center point. In contrast, ascending triangles have a horizontal upper trendline, predicting a potential breakout higher, and descending triangles have a horizontal lower trendline, predicting a potential breakdown lower. Symmetrical triangles are also similar to pennants and flags in some ways, but pennants have upward sloping trendlines rather than converging trendlines.
In the graph itself, I indicate where the buying / selling zones would be.
Also as I think it will respect the pattern and break upwards, I also indicate where it would be an ideal point to take part of the profits.
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