Amazon Bear flag and inverse H&S

The previous analysis on Amazon worked out great so lets try to catch another good trade soon.

On the lower time frame it looks like Amazon has formed a small inverse H&S, but from the looks of it the chances are big it will fail. Unless of course the US futures are in the green tomorrow and the price opens around the neckline again. If the green support zone breaks i expect the H&S to fail and that we will test the lows again. When looking at the bigger picture it is more likely for another move up before making another big drop again. So it is a bit unclear what the next step will be. So a good stock to keep an eye on this week. If the second red resistance breaks the chances increase that long term higher low is set.



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Previous analysis:

Comment:

Big hits on the stock markets lately, with AMAZON taking one of the biggest hits. Target of that bear flag seems to have been reached already, but could still be that it is around 1400 instead of 1500. So could see another drop.