$AMZN - Pennant Pattern

In which direction do you guys think this pennant pattern is breaking out to?


I'm seeing an RSI bullish divergence freshly created.


But I'm also seeing imponent 10 and 50 EMAs right above the price right now.


In short, the trend is our friend. That's the overriding principle. However, we also know that every trend eventually bends.


In any case, the conclusion to be drawn is that all you have to do with this market is wait and see which direction it wants to take. For it is about to disclose that information.


Finally, remember, that direction is meaningless for trading decisions in isolation. We need a target/take profit plan, a stop loss, position size, max ttl equity exposure ... a back tested trading system, confidence and mastery in the execution of such a system. Without these, you're trading blindly.


Cheers,
Tenacious Tribe - Backtested Trading Strategies & Studies

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