Amazon Green Amid Sea of Market Red

Amidst a sea of red today, Amazon.com Inc. (AMZN) is green (for now), which has much to do with its overall medium-term bullish chart pattern. Let’s notice that this past Monday, Amazon broke above its multi-month resistance plateau at 200.00/50, and rocketed to 209.36, thereafter.

Since then, Amazon has pulled back to retest its upside breakout level (200.31 was yesterday’s low), but today gapped to the upside towards the 204-205 area in what has the right look of upside continuation in the aftermath of a classic retest of multi-month support.

Barring a decline that breaks 200.00, Amazon should be heading to revisit 209.35, on its way to 215-217, thereafter.