Amazon.com ($AMZN) and Wynn Resorts ($WYNN) are showing similar characteristics that indicate they are winding up for major breakout opportunities ahead. Here’s why you should pay attention to these two stocks..
Amazon.com
Amazon.com has rallied strong to begin the month of September and is now sitting at the H5 Camarilla breakout target. More importantly, $AMZN has formed an Inside Day relationship, whereby yesterday’s price range is inside the price range of the prior session. This type of relationship usually indicates a breakout opportunity ahead and can be an extremely powerful indicator of future movement.
Watch the outter boudaries of the two-day range for a violation today, as a breakout could spark the next 3-day price swing.
Keep an eye on $139.50 and $136.60.
Wynn Resorts
Wynn Resorts has formed an identical pattern to $AMZN – an Inside Day relationship below the H4 Camarilla pivot level. Again, this relationship can be both powerful and predictive.
Watch the two-day range for signs of a breakout opportunity, as the next 3-day price swing could be seen.
Keep an eye on $88.60 and $86.20.
Let’s see what happens!
Cheers!
Frank Ochoa
PivotBoss.com
Follow Frank on Twitter: http://twitter.com/PivotBoss