AMZN possible SHORT
1. AMZN has a Head & Shoulder on the Daily. The dashed line touches the two shoulders.
2. There is a sell signal on the SSL Channel for Daily.
3. It is also approaching a downward trend-line and is almost forming a double top (last 3 daily candles).
All of these point to more downward movement in the coming days. In case it gets rejected here, then the first target is June's low which is around 101.5-101.7. That is a stronger support also the near term as it bounced around 2% every time. However, it might be able to break through it (in case the broader market supports it).
It seems like we are at a similar situation that we were on June 15, however, we might be in a similar situation as we were on June 17th (might be more likely as that was also because that was also a 3 day weekend. However, I think we might get a small gap up on Tuesday with a rejection (most probably a doji) to continue the downtrend.
2. There is a sell signal on the SSL Channel for Daily.
3. It is also approaching a downward trend-line and is almost forming a double top (last 3 daily candles).
All of these point to more downward movement in the coming days. In case it gets rejected here, then the first target is June's low which is around 101.5-101.7. That is a stronger support also the near term as it bounced around 2% every time. However, it might be able to break through it (in case the broader market supports it).
It seems like we are at a similar situation that we were on June 15, however, we might be in a similar situation as we were on June 17th (might be more likely as that was also because that was also a 3 day weekend. However, I think we might get a small gap up on Tuesday with a rejection (most probably a doji) to continue the downtrend.
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