timwest

Amazon.com AMZN falling towards range support

NASDAQ:AMZN   AMAZON.COM INC
510 15 5
Responding to requests to update the AMZN             chart:

The point of maximum support is drawn at 267 and the range of support is 273-256.

Friday's action set a new 10-day downtrend in motion and any rally towards Friday's range tomorrow or the next day and we can have a low-risk short sale as compared to current prices. The range of trading has increased and the trading size is a function of trading range, so position size is cut when volatility expands.

Tim 12:18PM EST Monday, 4/28/2014 291.78 last -12.05 AMZN            
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Hi Tim, how do you think about this falling of AMZN today? There is any chance to get back to 300 within one week? Thanks.
Reply
The forecast is going virtually identical to plan. It took a few extra days to turn down, but it has turned down in earnest here. Looking for the next bounce now. 289 last, down from 310 short zone.
+1 Reply
avatar timwest
Thanks Tim.
4020 is a very important support for IXIC, but apparently weaker and weaker.
+1 Reply
Very nice bounce and cover at $289..
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avatar timwest
It's time to PUT? if so, only 2 days' bounce...
+1 Reply
It looks like this is time to focus on AMZN as a short here for the push down to the lower level support that is listed.
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avatar timwest
Thanks Tim, for your valuable comments.
One more question: The energy is weaker and weaker for rally and for decline... the range is becoming smaller, do you think 288 would be a support before the market finally choose one direction to break (up or down)?
Reply
Cheers~ today is 9th.
Would be a big rally tmrw?
+1 Reply
I weigh the odds down here and think it makes sense to cover shorts. It's been a great ride down.
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"any rally towards Friday's (Earnings Day last Friday) range....and we can have a low-risk short sale as compared to current prices"
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