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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 222.69

+0.1%

3:59 PM EST

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To: cellhigh who wrote (2648)	4/1/1998 4:34:00 PM
From: Clark Wang	Read Replies (3) of 164684

Life after the triangle breakout................................ See Message 3824000 Message 3829560 We now have three possibilities: 1. Move to the minimal target as mentioned above. 2. Retrace to the breakout point on light volume. This can be the opportunity of adding more position if you are long. This can also be the opportunity to close the short position. 3. Retrace on heavy volume and close deeply back to the triangle. This is a warning for a top. However, don't assume the top unless a significant pattern develops. There are lots of trash talk on candlestick patterns and double top on this thread. Let me try to clarify: 1. Shooting star, doji star, bear engulfing, and dark cloud are only the warning signs, not the actual top. If the price close above them, it actually generates a buy signal. We did have a doji star when AMZN was at 60s. However, the big picture is the ascending triangle. The doji star only confirms where the resistance is. To give another example, AOL has a bear engulfing and a dark cloud during the past week. For those who are long on AOL, probably reduce their position between 68-69.5 today. However, once we get a confirmed breakout. Lots of people must have jumped back. At least I did @70.5. If you really want to learn candlestick patterns, read the book by Greg Morris. He got a chapter on reliability of these patterns. 2. Double top must be apart at least 6 weeks. The best signal for shorting is around 2-3 months. AMZN has nothing close to a double top. For those who still think TA is nothing more than a toss of coin. Read the following silly ones: Message 3395513 Message 3650389 Have fun, enjoy the ride.

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