With previous resistance at the 3200 area we are approaching again. Looking for signs of reversal to down side such as rounding top, head and shoulders, or double top. Right now I see a double top likely forming. I am looking to enter into a short soon, possibly next week.
Further reasoning:
1. On the daily time frame 50 SMA is proving to be a resistance and was rejected on both 2/7 and 2/9. Today market is pushing and hitting the 50 SMA again and at 8:17 PST was rejected. RSI (53.03) and MACD (decreasing) are both in okay areas to enter a short as well.
2. On the four hour time frame the 100 SMA is proving to be doing the exact same as stated above. Looking at the MACD though as it is flat and no sign of bullish or bearish sentiment from that.
3. The earnings call I felt sounded a bit skewed. 1/3 of revenue came from Rivian stake. A company that had a poor call by delaying vehicles and yet to produce a meaningful number.
I am a long term bull on AMZN but with the short time I will short if there is a sign of reversal in chart as stated above, towards the 2900 area.
Not a financial advisor. Do your own DD and use your own intuition - I am not in this trade as of now
Further reasoning:
1. On the daily time frame 50 SMA is proving to be a resistance and was rejected on both 2/7 and 2/9. Today market is pushing and hitting the 50 SMA again and at 8:17 PST was rejected. RSI (53.03) and MACD (decreasing) are both in okay areas to enter a short as well.
2. On the four hour time frame the 100 SMA is proving to be doing the exact same as stated above. Looking at the MACD though as it is flat and no sign of bullish or bearish sentiment from that.
3. The earnings call I felt sounded a bit skewed. 1/3 of revenue came from Rivian stake. A company that had a poor call by delaying vehicles and yet to produce a meaningful number.
I am a long term bull on AMZN but with the short time I will short if there is a sign of reversal in chart as stated above, towards the 2900 area.
Not a financial advisor. Do your own DD and use your own intuition - I am not in this trade as of now