Corey 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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