After rallying to a six month high of 82.12 today, Amazon shares retreated after bumping up against a multi-year resistance line. While I've enjoyed the beautiful channel in place since February, I'm taking my money off the table. I'm on the sidelines waiting to see what happens.
Edit: In response to a few comments at Stocktwits, allow me to clarify. I recognize that AMZN could go higher after beating or raising guidance. However, after riding the current channel since mid-$50, the risk/reward isn't there for me. Typically I don't exit a trade unless the trend has been convincingly violated.
Large view here.
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