AMZN - Strong Long Investment, Possible H&S for Traders
Currently on a strong parabolic trend line. It is so far away from the 200 EMA at this ATH level that it has not been in contact since 2016. Even if the parabolic trend is broken, there is strong horizontal support from 1500-1600, and strong linear diagonal support (black dotted line). Overall a nice long, but am a bit weary about the seperation from the 200 EMA.
The temporary bear case here is that there is a possible head & shoulders that could play out, and send AMZN back to it’s diagonal support.
The temporary bear case here is that there is a possible head & shoulders that could play out, and send AMZN back to it’s diagonal support.
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