$AMZN Short Paying Off Losing Support

AMZN In my previous post (linked) I noted a good potential spot to go short AMZN , and did so through put options. That is paying off now, up well over 100% already on options, and if this loss of support holds/deepens, could potentially be very profitable with plenty of time left to expiration. Hope you rode with, but if not, I might look to see if this support loss holds, or see if it retraces back up to lost support before entering. Happy hunting, and GLTA!!
@diverter what you think about amzn around this price now from a short-term perspective? i.e. this week only lol
i feel like amzn is still near previous support levels and has potential to bounce, especially if the market rebounds this week. maybe potential to retrace back to 1800 before falling? Let me know what you think, Thanks!
diverter Dseok123
@Dseok123, I personally don't think AMZN should get much of a bounce myself. It lost its short term support levels, but you are correct has some longer term ones on the horizon aroud 1660ish, but still plenty far enough down to make money. If there is a bounce I don't think it should exceed around the 1760's lost support area. If it bounces to there and gets rejected, that's the perfect short entry. If it bounce back and breaks back through that support, then I will cut my short position and leave AMZN alone for now. But if you are asking for my personal opinion short term, this market feels very heavy right now, like it wants to break down a bit. The "good news" is not taking the market higher, and the "bad news" is taking large chunks. I look for AMZN and other big techs to reset a bit, and most likely the top that has been put in will be in for the remainder of the year, or very close to it at least. Could even be around 1300 by the end of October in my opinion. But fyi, I do think this and the market as a whole goes higher before really breaking down, which I don't think happens until the fall area of next year 2020. Attaching a snapshot of trend line support level areas. Either way, best wishes on your trades!!!
made bank of this one! Thanks @diverter
diverter yolocalls
@yolocalls, I love the sound of gains and happy traders!! Congrats on the win, many more to come!!
yolocalls diverter
@diverter, youre awesome!
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