Tuesday, March 10, 2009

Finally A Rally - Amazon.com, Inc. (Public, NASDAQ:AMZN)

AMZN rallied to the top of the R-Zone , consolidated sideways, printed NRIB (NR7) and rallied all the way back up to the reaction high from last week. I did not change the Fib. placement from yesterday because yesterday was an inside day, so RH and RL are the same going into today's session.

The two weakest stocks on my WL were ABX and AEM. Here I'm placing my fibs from intraday RH and RL. ABX retraces 50% and carves a bearish stick for a short. AEM was less obvious so wait for NRB.
SU gapped above the trend channel and traded sideways, forming a very narrow wedge. It finally broke down for a gap fill.


Trader 504 said...

Great trading Jamie. I had a short bias on AMZN thinking $64 is resistance from yesterday. Now looking at your chart and explanation it all made sense to go long. :)

Jamie said...

Thanks 504

Yeah, $64.00 was strong resistance yesterday, but since my entry point was well below, I had plenty of room to exit if $64.00 didn't break.