$AMZN

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The market structure has shifted from a short-term bearish downtrend (characterized by the sharp drop to 252.27) to a bullish recovery, establishing higher lows and breaking above short-term resistance levels, now consolidating near the 270.90 level.

K Line Analysis: Price action shows a strong upward move following the bottom, with the price currently trading above the cluster of moving averages (MA5 at 270.16, MA10 at 269.56), indicating a bullish alignment in the short term, though the MACD histogram is flattening near the zero line, suggesting a slight pause in momentum.

Trading Plan: I plan to enter a long position on a confirmed breakout above the recent intraday high of 271.74, with a stop-loss placed below the recent support zone around 266.00, targeting the next psychological resistance level near 276.09.

My Prediction: I predict that AMZN will attempt to test the 275.31 resistance level, and if it breaks that, it could push toward the 276.09 range, provided the broader market sentiment remains positive.

What trade plan I follow and why: I am following a momentum breakout strategy because the price is holding above the key moving averages (MA20, MA50) and the overall trend is upward, but I want confirmation of buying pressure before committing capital.

When I start my trade: I will start my trade when the 1-hour candle closes firmly above 271.74, ensuring the breakout is supported by volume and not just a wick.

Candlestick Pattern: The recent candles show a series of small bullish bodies with short upper wicks (spinning tops), indicating indecision but a slight bullish bias, as buyers are defending the price above the 270 level.

Bullish bias with a cautious entry; watch for a breakout above 271.74 to confirm the next leg up toward 275-276.