Shorting AMZN is hazardous, however, looking at the price action, it is possible for AMZN to test 890 and if it fails, to eventually go lower to test 868. At least, this is what the trendlines say is possible. Stop for the trade is 911.50. In summary,
Target 1 (T1) = 890
Target 2 (T2) = 884
Target 3 (T3) = 868
Stop Loss (SL) = 911.5
Target 1 (T1) = 890
Target 2 (T2) = 884
Target 3 (T3) = 868
Stop Loss (SL) = 911.5
Comment:
AMZN counter trend trade survived by a hair last night. Let's continue to watch this and keep the stops tight.
Comment:
Encouraging to see AMZN moving away from the trend line resistance at the opening. Let's hope it keeps going that way.
Trade closed: stop reached:
Got stopped out. Shorting AMZN is always a risky proposition. Let's wait for a better opportunity next time.