Amazon trying to break higher

4

February 2021

By

Alex Cole

This is a weekly chart of Amazon, showing that the GoNoGo Trend is still a “Go” on the longer time frame.  Having said that, price has been consolidating sideways for several weeks now as it struggles with the overhead supply at the psychological resistance around $3500.
During this time, the GoNoGo Oscillator has been able to find support at the zero line, as we know it should in a healthy trend. The current bar is again triggering a trend continuation low risk entry (green circle) as the oscillator bounces into positive territory. 
If the GoNoGo Oscillator can move further into positive territory, expect price to try once more to test that resistance level and try to go higher.