Amazon.com, Inc. [[AMZN]] , broke a triple top at $80, after a period of consolidation. I’m looking at buying it here, at these levels, with a stop at $74.
When evaluating a trade, I always look at the price objective, which is clearly indicated on the PnF chart. In the case of AMZN, the price objective is $115.
Buying it at these levels with a stop at $74, puts the reward to risk at over 6 to 1. This is a potentially high reward for the risk, and is one trade you might want to consider.
Disclaimer: “Price objectives” are simply guidelines for evaluating a trade. There is no guarantee that the objective will be attained. Trading involves risk. Know what you’re doing and why.
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