Looking at the previous trend line,
AMZN
ranged between $3318 and $3251 for a few sessions before breaking out.
Expecting a similar move this time where it rejects $3318 and range bounds until we get to ER which should be 22-23rd October.
If it breaks $3251 watch for a bounce at the trend line.
Of course a single tweet can invalidate the trade idea.
AMZN
ranged between $3318 and $3251 for a few sessions before breaking out. Expecting a similar move this time where it rejects $3318 and range bounds until we get to ER which should be 22-23rd October.
If it breaks $3251 watch for a bounce at the trend line.
Of course a single tweet can invalidate the trade idea.
Comment:
AMZN smashed through $3318 on Prime Day hype and we can see evidence of "sell the news" that took place post prime day. Nice bounce today to close over $3318. Setting up for a killer move heading into ER.
Trade closed manually:
AMZN had good ER numbers however, it still got pulled down due to market sentiment. Trade closed with a loss.