Amazon Defies Market, Spikes Higher In This Pattern: Is The Stock Headed On A 9% Run?
Portfolio Pulse from Melanie Schaffer
Amazon's stock rose 1.5% on Wednesday, defying the general market trend, as it formed a bull flag pattern since May 15. The pattern suggests a potential 8.5% spike in the stock price if it breaks up from the flag.
May 24, 2023 | 8:33 pm
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Amazon's stock formed a bull flag pattern, suggesting a potential 8.5% spike in price if it breaks up from the flag.
The bull flag pattern is a technical indicator that suggests a potential upward movement in the stock price. In Amazon's case, the pattern indicates an 8.5% spike if the stock breaks up from the flag. This could have a positive short-term impact on the stock price, as traders may enter long positions in anticipation of the breakout.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100