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bullvsbear9

Amazon short in the near-term

Short
Amazon.com (NASDAQ:AMZN)  
bullvsbear9  
NASDAQ:AMZN   Amazon.com
Trend Analysis Chart Patterns Technical Indicators amazonshort amznshort Technical Analysis shortsetup
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trendanalysis chartpattern indicator amazonshort amznshort technicalanalysis shortsetup
AMZN

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While Amazon seems to be forming a falling wedge on the weekly timeframe, it can be expected to fall in the short-term…..


Daily timeframe seems to suggest a potential H&S pattern playing out.

Multiple gap-ups beginning of the year (including a weekly gap up) kicked-off the beginning of the H&S pattern start of 2023.

AMZN seems week enough to go back to fill those gaps. If that happens, we can see Amazon hitting mid-80s in the coming days and weeks. Plus, for Amazon needs to decline in the short-term to build on the falling-wedge pattern.


Lastly, Feb monthly candle-stick seems to suggest a bearish trend and set to test the 100-period MA on monthly timeframe.

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