After gapping lower at the end of July, $AMZN saw price rally and the “Go” trend survive.
Price has spent the last month closing the gap and clinging to the “Go” trend amidst some amber ‘Go Fish” bars of uncertainty. After the gap, GoNoGo Oscillator crashed through the zero line but recovered to test that level from below. We then saw an extended Max GoNoGo Squeeze reflecting the tug of war between investors as price tried to recover. Finally, after several weeks in the Max GoNoGo Squeeze, the oscillator is breaking back into positive territory as GoNoGo Trend paints strong blue “Go” bars close to overhead resistance. With momentum resurgent in the direction of the “Go” trend, we see a Go Trend Continuation Icon (green circle) under the price bar. We will watch to see if this gives price the push it needs to climb to a new higher high this week.
