A week ago I posted a Bearish Idea for AMZN - the initial target hit. I sentan update going into earnings for shorts to be cautious, here is the updated chart:
- Above 126 is near term bullish. Needs confirmation with a break above 129 by 11/3 (needs to break above solid green line in chart)
- If we get confirmation, initial upside target is 134 by 11/10/2023
- If initial target is reached then the goal target will be 140 by 11/27/2023
** If we see rejection in the 126-129 range, and get confirmation with break below dashed blue channel, then the bearish path to 114-116 (from previous post) will resume.
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Looking to swing short again once I get confirmation this bounce is over
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Hit the blue arrow almost exactly. Targets all hit but still has a little room to run until around 11/22, then expect pullback to about 126
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This will keep going higher after completing a re-accumulation phase in the target range. Next upside target = 158.
Its bullish as long as it stays above 150-152. End of move could go as high as 166-170 before we see a significant pullback.