This online retailer topped aorund $407 after huge move from low $40s and after series of dissapointing earnings reports entered into down channel.
Yesterday, it failed to hold above previous high of the day at $330.88 and closed near lows. By chance there is 200 EMA at $330 which Amazon broke down with conviction in the beginning of April first time since April 2012.
My idea is to trade bounce off this down trend line. ENTRY trigger below low of the day at $325.65 with TARGET #1 at $320 where 8/50 EMA is situated. STOP above 200 EMA or swing high at $333.
Yesterday, it failed to hold above previous high of the day at $330.88 and closed near lows. By chance there is 200 EMA at $330 which Amazon broke down with conviction in the beginning of April first time since April 2012.
My idea is to trade bounce off this down trend line. ENTRY trigger below low of the day at $325.65 with TARGET #1 at $320 where 8/50 EMA is situated. STOP above 200 EMA or swing high at $333.
