Saturday, October 27, 2007

AMZN Analysis for 10.27.2007


Monthly chart shows fib resistance and test of the all time high.

Weekly chart shows indecision between buyers and sellers last week. Uptrend remains intact for now.

Daily chart shows buyers gapped up the price at the open after earnings announced. However, the following day, they gapped it down through the prior high, creating a kicker type signal. The price action on Wednesday created a hammer despite the gap down. Thurday saw indecision, but Friday saw more initial buying with a small gap up at the open. IF we see follow through to the upside next week, THEN look for a test of the current high.

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