At this point, I wouldn’t chase the price action in Amazon (AMZN).
Wait for the pullback to the breakout level on light volume around $377.
The retest more times than not represents a clearer view of the risk in the trade, because if it drops below the breakout level, you get out – no questions asked.
Also, if the trade is successful, you don’t have to deal with the initial pullback and instead should see price push right through the previous highs.
Here’s the AMZN analysis:
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*Disclaimer: Ryan Mallory is not a financial adviser and this podcast is for entertainment purposes only. Consult your financial adviser before making any decisions.
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