AMZN bull flag on declining volume
Just getting my own feet wet with some NFTRH++ activity, as I’d like to participate when Hammer gets the meat of the service ready. As a reminder, you can read about ++ and see Hammer’s still-public trade setups here. At some point the service will revert to “NFTRH subscriber-only”.
We have decided not to pursue it as a for-profit venture; just as an addition to NFTRH Premium at its current price, for any subscribers interested in trading and such.
The AMZN bull flag may be breaking today. It has done enough work, while not quite testing support or filling the gap. A bull flag trends downward in the short-term and volume should decline as the flag progresses. That is in play here. RSI is still on trend and MACD is positive.
AMZN had previously stopped at the resistance zone it was likely to stop at. If the bull flag plays out and broad market-willing, the objective would be a test of the highs.
Mental stop loss to suit, anywhere from a failure back into the flag to a loss of the SMA 50, depending on risk tolerance. I added AMZN and will respect risk management as usual.
As a final note, a miserly buyer may want to wait to see if the gap fills and support is tested. Personally, I am managing a portfolio, not stock trading in and of itself.
NFTRH++ trade setup ideas are presented for consideration and further research only, not as recommendations. I may or may not personally take positions in all or even most NFTRH+ ideas, as it would depend on my portfolio composition at any given time. “Stop loss” and target levels are usually noted and should be respected.
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