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The_Rational_Investor
Jun 26, 2022 6:25 PM

Further downside on Amazon Short

Amazon.com, Inc.NASDAQ

Description

AMZN is currently in an indecision zone. On one hand, all indicators (RSI, Stochastics, MACD) indicate that it is has strong negative sentiments. Technical analysis with H&S reinforces this negative view. However, the S/R of 101 is a very strong support. Therefore, for Amazon to go further down below 101, it needs to break that level decisively. Till then, Amazon will swing between 101 and 121. Currently at 114, I will be shorting it till 101 which I expect it will reach by end of July.
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