Without a doubt, Amazon (AMZN) remains in an uptrend (higher highs and higher lows) over the past decade plus. Last nights earnings does NOT change this trend!
Below updates the pattern on Amazon and highlights that this week, it is could be creating a pattern it has seldom created, over the past 10-years.
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As mentioned in the chart, a few times over the past decade, AMZN has created “weekly reversal patterns” (bearish wicks) near short-term highs at each (2).
Joe Friday Just The Facts; AMZN could be creating another weekly reversal pattern at 10-year rising channel resistance at (3).
With AMZN staring at the top of its 10-year channel resistance and potentially creating a reversal pattern this week, will its results going forward, be different this time that what it has done at each (2) over the past decade? Ole Joe feels what AMZN does at (3), will be very important to the stock and could influence the broad markets.