Stock pick for 04/26/2012
AMZN have room for bounce at least to 200sma daily resistance area. For that I will follow yesterday consolidation what we can see on the 60 min time frame. AMZN need to stay uabove 200sma and 20sma support. If will see setup right after the open then it will be high risk setup. It will be best if AMZN will wait at least 5 min
I like break above 200sma 60 min with stop under 20sma 60 min. It can turn in to swing trade. On the 60 min we can see rounding bottom pattern and I will use it for trading plan. Previous high will be resistance and depends on action and pace I will look for $140 as target area or more.
If anyone will have any question feel free to ask.
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