Amazon can go down to 2200 in the next few weeks! This analysis uses the Darvas trading model..! This is weekly chart and do not forget there will be few green days among the majority of reds! You can see the most important support(green line) and resistance (red line) levels.
Best, Moshkelgosha
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If amazon drops to 2200 in the next few weeks, that's the least of our problems. It would mean we've experienced the worst crash since '09 and there won't just be blood in the streets... there will be actual organs and other body parts laying all over!
ChartMeNot
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@digital_precisions it is indeed hard to believe. I just went long on AMZN end of day today, on the theory that options expiration craziness drove this drop. If I'm wrong I will try to get out breakeven.
With that said, remember that much of AMZN has been donated by McKenzie Bezos and could be disposed of by the foundations who received it. So there could be a lot of supply in the next few years.
digital_precision
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@ChartMeNot, Interesting to know! Thanks for the information....I truly never would have thought about that scenario happening otherwise.
maximleanke
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djwally2
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@maximleanke, that's also the area of the monthly 55 MA so seems like a valid target.