Bearish On AMZN As Tariffs Heat Up - Failed at 20 EMA
Updated
I was not attempting to line these trend lines up. I just happened to find an amazing correlation from a more recent trend support line to the old resistance trend line from 2015-2018. What does this mean exactly? Well I'm not a pro at this or anything but I'd assume we can use it as confirmation that the newly formed support line is that it returned to is a strong one that it will most likely return to at some point. Let me know your thoughts. As for the more recent action, it appears that it failed to close above the 20 day EMA on Friday. For any bullish bets I'd definitely suggest waiting until it closes above the 20 day before getting involved in any overnight trades. This thing could retreat with any market action (tariffs) back to the 1794-1754
AMZN area. (Which I believe happens soon)Note
Opened underneath the new support/trend line, and dropped to the 50 day EMA.
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