AMZN
Updated
One of the more bearish charts of the big 5, with sentiment the same direction. First profit decline in 2 years, another decline during the holiday season expected.
Lower highs while the market is making new highs is not a good sign. Death cross a few weeks ago. This appears to be a consolidation faze that is set to resolve lower.
Could see some whip sawing here with the moving averages being so tightly together. 100 Day is resistance and the 200 is support at the moment. Looking for support to be around the green box.
Not seeing a lot of good trade set ups on this one though to be honest. Risk/reward just isn't look the greatest wit the current price action.
Lower highs while the market is making new highs is not a good sign. Death cross a few weeks ago. This appears to be a consolidation faze that is set to resolve lower.
Could see some whip sawing here with the moving averages being so tightly together. 100 Day is resistance and the 200 is support at the moment. Looking for support to be around the green box.
Not seeing a lot of good trade set ups on this one though to be honest. Risk/reward just isn't look the greatest wit the current price action.
Note
Note
As much as I think Amazon is overpriced. The potential ascending triangle that typically resolves higher is still a potential set up for AMZN in the long run.
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