Royal Fibonacci Setup In AMZN
Carolyn Boroden recently identified a "royal setup" in AMZN in her Fibonacci Markets & Stocks service.
"What we mean by a royal setup," she says, "is that all the daily moving averages are in alignment with the side of the trade. Price was above the 200 SMA and the 50 SMA. Also the 5/13 ema combo was considered to be bullish as the 5 ema was above the 13 ema. We also had a nice pullback within the context of the uptrend into a price cluster at the 125.48-126.01 area."
The zone was hit on July 10, and price held above it. This was followed with a buy trigger, which was the 8/34 ema crossover to the upside on the 15-minute chart, Carolyn explains.
"The entry was around the 128 area and so far we've made two upside targets and have rallied $10.73 from the low so far. These royal trade setups are higher probability because the trend is on your side."
