TopTradingSignals

AMAZON Correction Ahead! Sell!

Short
NASDAQ:AMZN   Amazon.com, Inc
Hello,Traders!
AMAZON
is trading in an uptrend and is climbing even despite the SPY falling
However,the stock is approaching it's all-time-high levels
Which acts a strong resistance, that was tested multiple times
That makes me locally bearish , and I am expecting a correction
Limited by the rising support line
Buy!
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Comments

Except AMZN is Nasdaq… aka QQQ. QQQ can go up while SPY goes down you know?
+1 Reply
Because volatility has been decreasing over this timeframe, I'd say this looks more like reaccumulation/breakout rather than distribution/selloff. Volume is decreasing too: June 1-3 2021 had about 6.8m total volume, whereas the same price point and basic "bottom of the dip" from back in Oct 21-23 had over 12m volume. So, there's less supply. The big boys are filling there stockpiles to sell for higher prices later, rather than dumping their inventory at what they think are peak prices. $0.02

But I see what you're saying. If this is distribution, where are we headed? I've been getting into PnF counting for price targets and while I don't trust them yet, I've been surprised by how remarkably close they are. If this is the peak and it's downhill from here, the PnF chart gives a PT of about 1750. There's a spike in put prices between 1800 and 1830 so this may be realistic.

TLDR: AMZN PNF range is 1748-1793.
Reply
Clear analysis
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local resistance zone here
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What is your take on AMAZON?
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timmyperry28 TopTradingSignals
@TopTradingSignals, I am expecting a new all time high next week due to prime day but shortly after a correction on amazon to 3300 - 3200 levels.
+2 Reply