AMZN Do Bearish Divergences Predict a Reversal? SHORT
AMZN has ascended 15% in the past two months. As shown on the 4H chart, dynamic
resistance has been the red lines designating two standard deviations above mean
VWAPs are anchored in February and early May. The two indicators however suggest
bearish divergence. The zero-lag has lower highs and lower lows on the K / D line
excursions. The Chris Moody dual RSI shows the RSI on the blue daily time frame
dropping and crossing under the black weekly time frame RSI. Fundamentally, according
to the linked article AMZN typically drops 0.34% on Prime Day. Based on all of this,
I am expecting a reversal. Upon confirmation, I will short Amazon in a possible Fibonacci
style retracement.
resistance has been the red lines designating two standard deviations above mean
VWAPs are anchored in February and early May. The two indicators however suggest
bearish divergence. The zero-lag has lower highs and lower lows on the K / D line
excursions. The Chris Moody dual RSI shows the RSI on the blue daily time frame
dropping and crossing under the black weekly time frame RSI. Fundamentally, according
to the linked article AMZN typically drops 0.34% on Prime Day. Based on all of this,
I am expecting a reversal. Upon confirmation, I will short Amazon in a possible Fibonacci
style retracement.
Comment:
www.investopedia.com...ng-prime-day-7557517