roddy2ktrades

AMZN Bearish pattern on 1D chart

Short
NASDAQ:AMZN   Amazon.com, Inc
Hey everybody welcome back

Today we’re looking at AMZN on the daily chart and it’s forming a very nice head and shoulders pattern.

I actually got in some puts at the top of the right shoulder and took profits already. I opened a new put position just before the bell.

You can see price was rejected at key levels same as the left shoulder. We’ll see if support will hold at the neckline.

If you look into the smaller time frames you can see the down channel of the right shoulder. Price is hitting the resistance of that down channel and has formed a triangle pattern .

My target is at the neckline and whether it holds or breaks support will determine our next position.

Thanks for tuning in.

Let me know how you feel about this and share your ideas

*This is not advice
Trade closed manually: Nice bounce off $102 support level. Now moving toward next key level at $115.

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