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Big dump at the open to strike fear in the heart of nervous longs, and to trap late short sellers who don't know better... Is this the correct read? Is the correction already over for AMZN?
TOO EARLY TO TELL, but I cannot help but notice that the rebound has started from the 200 hourly sma , and we're already back above the horizontal support\resistance at 2930 that HAS
to be DECISEVELY broken to the downside to prove a double top , otherwise it's just a bullish\neutral false breakdown, in a strong general uptrend, and that proves nothing for the bears...
The day is still long, hard to tell if the bounce will last until the close, I'm just not seing enough to side with the bears for now...
Full disclosure: long AMZN , biggest position in my portfolio, but has been cut down to the point were I'm just not going to sell more no matter what happens; will look to bump it up again on weakness.
TOO EARLY TO TELL, but I cannot help but notice that the rebound has started from the 200 hourly sma , and we're already back above the horizontal support\resistance at 2930 that HAS
to be DECISEVELY broken to the downside to prove a double top , otherwise it's just a bullish\neutral false breakdown, in a strong general uptrend, and that proves nothing for the bears...
The day is still long, hard to tell if the bounce will last until the close, I'm just not seing enough to side with the bears for now...
Full disclosure: long AMZN , biggest position in my portfolio, but has been cut down to the point were I'm just not going to sell more no matter what happens; will look to bump it up again on weakness.
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