Amazon.com

$AMZN hourly looks bullish, but beware

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Amazon's hourly chart looks pretty bullish. Price broke out of a downward channel today, a channel its been trading inside of for the last 12 sessions. Price appears to have found support at the 5MA on the hourly, and RSI confirms the breakout as well. But buyer beware, the daily chart shows some pretty strong resistance in the $1600-$1610 area. This area represents the 13MA on the daily chart, which has proven itself as resistance in 4 other instances on the ride down from highs in early Oct.

EDIT: It appears the publishing feature for the chart didn't put my arrows in the right spots -_-

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