A week ago I posted a Bearish Idea for AMZN - the initial target hit. I sentan update going into earnings for shorts to be cautious, here is the updated chart:
- Above 126 is near term bullish. Needs confirmation with a break above 129 by 11/3 (needs to break above solid green line in chart)
- If we get confirmation, initial upside target is 134 by 11/10/2023
- If initial target is reached then the goal target will be 140 by 11/27/2023
** If we see rejection in the 126-129 range, and get confirmation with break below dashed blue channel, then the bearish path to 114-116 (from previous post) will resume.
- Above 126 is near term bullish. Needs confirmation with a break above 129 by 11/3 (needs to break above solid green line in chart)
- If we get confirmation, initial upside target is 134 by 11/10/2023
- If initial target is reached then the goal target will be 140 by 11/27/2023
** If we see rejection in the 126-129 range, and get confirmation with break below dashed blue channel, then the bearish path to 114-116 (from previous post) will resume.
Note
Looking to swing short again once I get confirmation this bounce is overNote
Hit the blue arrow almost exactly. Targets all hit but still has a little room to run until around 11/22, then expect pullback to about 126Note
This will keep going higher after completing a re-accumulation phase in the target range. Next upside target = 158.Its bullish as long as it stays above 150-152. End of move could go as high as 166-170 before we see a significant pullback.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.