What Next for AMZN After its Whipsaw Reversal in Reaction to the WFM Deal?

Mike Paulenoff MPtrader

Amazon.com, Inc. (AMZN) certainly looks like it has carved out a big Double-Bottom correction off of its June 6 high at 1016.50.

Today's thrust from the 946.11 low immediately after the announced purchase of WFM, to a spike-high of 997.00, formed the right side of the pattern, which crossed the "neckline" at 990, triggering upside follow-through potential to 1020, and then possibly to 1040.

Only a sustained break below 970 will compromise the developing bullish near-term set-up. Last is 893-894...

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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