AMZN starting to get a little top heavy
Watching the 200ma (Red line) my expectation is either
1. Break this ma and retest it as support before continuing higher
2. Pull back by half its current move up. This would land around the 1614 support area.
Be conscious of a fake breakout over that ma. Personally id watch for at least 2 days of prices holding above before thinking on going long, either wise its due for a pull back.
Over all I'm bearish short term because price has begun to slow down after a nice bull move. My plan is to short open of next week and try to catch the pull back before ideally going long again.
Watching the 200ma (Red line) my expectation is either
1. Break this ma and retest it as support before continuing higher
2. Pull back by half its current move up. This would land around the 1614 support area.
Be conscious of a fake breakout over that ma. Personally id watch for at least 2 days of prices holding above before thinking on going long, either wise its due for a pull back.
Over all I'm bearish short term because price has begun to slow down after a nice bull move. My plan is to short open of next week and try to catch the pull back before ideally going long again.