Friday, March 22, 2013

AMZN April Still looks good

Even though I'm hoping and expecting a quicker move in AMZN with the call position opened yesterday, it's like the GLD calls, the principle was the same, looking for a close move, but allowing some leeway incase it takes longer than you think which is almost always the case in the market.

I like what I see today and there may even be a chance to close the position or partial profits today.

 The intraday chart today is responding well to price


 The longer tern=m 2 min intraday I believe may be showing us accumulation on the right side of a "W" base (small base).

 The intraday 3 min chart, instead of this being 2 separate events, I'm thinking they are 1 base.

AMZN will likely want to fill that gap in the $274 area, a "W" base of this size would be about the right size for a positive divergence to do that and this 30 min chart seems to hint at the two lows being part of the same short term base.


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