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Midday Markets by Mike Paulenoff - AMZN in Bullish Digestion Period

(Posted on behalf of mptrader.com and author Mike Paulenoff)

Wednesday May 16th, 2018 

by Mike Paulenoff

AMZN-- has been moving in a high level contracting range since its post-EPS all time new high at 1664.81 on 4/27. We have to consider the three week period a bullish digestion period, which if accurate, means that when the digestion is complete, AMZN should thrust to the upside into another upleg that projects next to 1720-1750.

Only a decline that breaks the prior low at 1565.22 AND continues lower through the 5/03 low at 1546.02 2 will wreck the bullish digestion scenario, and leave AMZN vulnerable to additional selling pressure... Last is 1592.14

5 16 18 $AMZN 4 hr Noon GIF

Mike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

*  I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com  *


Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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