AMZN in Bullish Digestion Period

Mike Paulenoff MPtrader

AMZN-- has been moving in a high level contracting range since its post-EPS all time new high at 1664.81 on 4/27. We have to consider the three week period a bullish digestion period, which if accurate, means that when the digestion is complete, AMZN should thrust to the upside into another upleg that projects next to 1720-1750.

Only a decline that breaks the prior low at 1565.22 AND continues lower through the 5/03 low at 1546.02 2 will wreck the bullish digestion scenario, and leave AMZN vulnerable to additional selling pressure... Last is 1592.14

Author

Mike Paulenoff

MPtrader

Michael Paulenoff has been a student of and a participant in the world financial markets for the past 26 years, since his graduation from the Georgetown University School of Foreign Service in 1979.

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