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Consistent_Trades
Jun 5, 2023 7:58 AM

AMZN ready for drop of 20% Short

Amazon.com, Inc.NASDAQ

Description

AMZN is ready for a major drop. Friday it formed a bearish reversal candle shooting star. The last two trading day was on a lower volume than 20 days average volume which is bearish.

RSI has huge negative bearish divergences and is pointing to a drop.
MACD also formed bearish divergences.

Everything is pointing there is no more energy for the continuation of the move.

Drop is likely towards the area of support where is a horizontal supports level, 50 and 200 days MA which will definitely act as support.
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