There is a bullish convergence on Amazon

PUBLISHED: Mar 12 2014 @ 00:12 | Comments (0) | More info about Azeez Mustapha

Amazon.com shares (NASDAQ:AMZN) have been caught in a bullish convergence. The price was recently going upwards, though there is now a pullback in the market.

The appearance of the ADX period 14 shows a volatile sideways movement which is being pulled by the bears. To explain further, the MACD histogram is above the zero line; plus the signal lines which are below the zero line are sloping upwards, in the face of the current pullback. The signal lines would eventually cross the zero line to the upside. This means the current pullback is a good opportunity to go long.

Conclusion: The price of Amazon.com could eventually assume a renewed upward bias, going further northwards. As this happens, we would do well to capitalize on the direction of the markets, while checking the irrational emotions that surround trading. Honestly evaluate your trading weaknesses, and plan ahead to avoid situations that could expose you to temptation.

This forecast is ended with the quote below:

“You may have been taught that money is sacred and that it is morally wrong to risk it and lose it for any reason. Many people hold this belief, but if you want to trade actively, you have to change the way you look at money. From the perspective of the serious trader, money is merely a vehicle used to make more money. It is just part of the tools you need to trade successfully.” – Joe Ross

Eye-opening trading lessons: Lessons from Expert Traders

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