Amazon.com (O:AMZN) has been a stellar performer for years, what a great stock to own!
The strong rally off of support back in 2015 has pushed AMZN up to channel and Fibonacci 161% extension resistance. While AMZN was near this dual test of resistance, it might have created a Monthly 'Doji Star' reversal pattern.
Channel resistance, Fibonacci Extension resistance and a reversal pattern could become important for this high flyer.
If AMZN continues to reflect weakness up here and breaks very steep rising support, selling pressure could start taking place.
Certainly the trend is up in. If steep support is taken out, that trend could be in jeopardy.
Whether you own this stock or not, keep a close eye on this pattern, in case it becomes an important high for this tech leader.
The Dow looks to have created a 'Doji Star' reversal pattern at the 2007 highs. Did the Dow recently create another 'Doji Star' topping pattern?
Long-term trends in Amazon and the Dow remain “UP!”
Keep a close eye on these two, in case they prove to have created important monthly patterns. It will take a good while for us to find out the long-term impacts of these patterns, since they are “monthly” patterns.
As of right now, the Dow above is hitting support line (1), watch for what the next few weeks bring.