Amazon.com, Inc. (AMZN): Pullback Planning For This Stock

amazonCorey Rosenbloom:  Have you updated your “Pullback Trading Plan” for Amazon.com, Inc. (NASDAQ:AMZN) if you’re currently trading it?

Buyers wish for stable pullbacks in strong, uptrending stocks and we have a moment like that in AMZN.

Here’s the quick-glance at the chart and our objective plan at our critical support level:

For full information on how we identify trends, classify pullbacks, then enter/manage trades, check out our “Perfect Pullback” strategy.

Until the negative divergences undercut the rally, Amazon was a strong uptrending stock with multiple pullbacks (retracements) that allowed traders to buy into support ahead of expected bounces.

We’re at a similar point now but the divergences give us pause that wasn’t present on earlier pullbacks.

Mainly we have an uptrending stock retracing into the rising 20 day EMA at $710 per share.

There’s two ways price can go:  “UP away from” the pivot to continue the uptrend or “DOWN toward” the rising 50 day EMA at $680 per share.

We don’t make predictions, but instead trade the price action as it moves toward or away from key pivots.

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