AMZN has been consolidating its recent vertical momo move in its upper range on declining volume. A close look at the intraday timeframe shows that it has tagged its pivot point resistance zone three times this week. I also like the fact that the 5 day EMA has now reached price and is adding extra support. The PP zone is $62.44-$62.54 so set your alert for AMZN. If we take out the swing high, we could get another squeeze.
5 comments:
Looks good, thanks Jamie!
If you have the time take a look at my chart on AMZN.
http://modj97-predictwallstreet.blogspot.com/2007/05/buy-and-sell-points-amzn.html
Hi there - Great blog!
Is there a definition of "NR7"?
I know most terms but this is new to me.
Keep up the good work. You are an inspiration.
Clive J
Clive, I believe NR7 is the 7 candle which is narrow range. It can be a signal for strong price action.
@ Mojo - Nice blog
@ Clive and Hadman - re: NR7 - I'll just add price and volume contraction which precedes price and volume expansion. As Hadman pointed out it is the narrowest bar over the last 7 bars. For more info read Alan Farley's post NR7 Coiled Springs
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