AMZN traded to a high today of 101 where it found resistance which will become support should the stock continue to trade up from here. The next level of resistance is around 104. The 30 minute chart RSI uptrend has been broken and support is seen at 92 and 90. Chart has been posted to homepage.
The stock is trading below it 50dma which is short term negitive. It is above its 200dma so all is not lost yet longer term. The stock attempted today to rally above the 50dma (aprox. 105) and failed badly. It fact the stock has failed to each time it has tried to rise above its 50 dma. A strong move above the 50dma would be bullish but it doesn't look like it is going to make it. There is a lot of technical pressure on the stock to push it down to the 200 dma (aprox. 50). So what can we conclude from this information? Basically that the stock is in at least a short term downtrend with resistance at the 50 dma and support at the 200 dma. Other charting indicators (lower highs and lower lows indicate that the stock is in a downtrend with no support for quite a ways down. Short sellers or put buyer should select their positions around the 50 dma. If we move signifcantly above it, cover your shorts, if fail to breach it and start to head down initiate new positions.
Based on your technical analysis, where do you see this stock heading? I've shorte AMZN at 110, and my target is 50. I've passed on several occassions where the stock hit low 80s. Still waiting for that big wave!!
Based on your technical analysis, where do you see this stock heading? I've shorted AMZN at 110, and my goal is at 50. I've passed on several occassions where the stock hit 80. Still waiting for the next big wave!!
For anyone wo did't pick up there puts today and finds themselves wanting to chase to get in tomorrow, try going after Nov 75,85,95 as opposed to even numbers. It has been my observation that sometimes the premiums on them are fractionally slower inflating, than those on the even numbered puts when stock is declining.