Amazon Testing Large Triangle Support

By | October 1, 2014

I have been monitoring the price action of Amazon (AMZN) within the symmetrical triangle formation on its weekly chart for about a month. During that time it has taken out internal support levels and its 50 day moving average. Today, the stock price is testing the pattern uptrend line, and the intersecting 38% retracement level of its 2012 low and 2014 high. A confirmed weekly break projects a significantly lower stock price.

01. TSLA chart

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