Technical Analysis: Watch This Wedge

Shares of Inc (AMZN) continue to trade in a range or wedge pattern. The technical analysis is clear-cut. Expect choppy trade until the change is broken, either to the upside or the downside. Whichever direction it is, look for a major move, north of 20%.

The support low of the wedge button is flat at $2,900. The resistance upper trend line of the wedge currently sits at $3,365. That level will slowly decline as it is a down-sloping trend line. Should a breakout above that level occur, could likely see a move to $4,000/share. On the downside, should break below the flat bottom of $2,900, it would likely fall quickly to $2,055/share.

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