Amazon.com, Inc. (AMZN) Breakout and Bullish Dominance Continue In May

May 16, 2016 by

amazonCorey Rosenbloom:  Amazon.com, Inc. (NASDAQ:AMZN) shares continue their strong bullish dominance and a new breakout opportunity continues to deliver profit to active bullish traders.

Let’s note the larger trend and focus on the current breakout to new highs in an ongoing powerful uptrend:

“Stocks which are strong tend to get stronger” and Amazon (AMZN) continues to strengthen powerfully.

We see a strong, persistent uptrend (except for 2014) on the Weekly Chart.

2015 was a particularly bullish year for shares as price doubled from the $300.00 level to $600.00 and beyond.

An early pullback to $500.00 in 2016 set the stage for the power-rally that propelled price from $500.00 to $700.00 where we have our current breakout.

The larger trend is up and that creates additional opportunities on the lower timeframe:

Recently, the $550.00 per share level – along with $500.00 – has been the key short-term pivot price.

Price broke impulsively higher – a breakout opportunity – in October and surged toward the $700.00 pivot.

A negative divergence sent price back toward – and under – this level as we began 2016.

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