AMZN - Potential Head & Shoulder formation short from $844.33
Updated
AMZN forming a potential head & shoulder. We would like to take the advantage from the top when it is forming the second shoulder, and a break of $844.33 will be a good entry point.
For trade we would consider $850 Apr/May-17 Puts, last traded for $23.75 & $38.02 respectively.
* Trade Criteria *
Date First Found- February 23, 2017
Pattern/Why- Potential head & shoulder
Entry Target Criteria- Break of $844.33
Exit Target Criteria- $802.13
Stop Loss Criteria- $858.13
Please check back for Trade updates. (Note: Trade update is little delayed here.)
For trade we would consider $850 Apr/May-17 Puts, last traded for $23.75 & $38.02 respectively.
* Trade Criteria *
Date First Found- February 23, 2017
Pattern/Why- Potential head & shoulder
Entry Target Criteria- Break of $844.33
Exit Target Criteria- $802.13
Stop Loss Criteria- $858.13
Please check back for Trade updates. (Note: Trade update is little delayed here.)
Trade active
February 24th- Traded down and hit entry price. Looking very good.Note
February 28th- Seems rolling over, moneyflow also turning down. Looking good as short. $850 April Puts last traded for $25.16 & $850 May Puts last traded for $39.05.
Note
March 8th - Consolidating within a triangle or Pennant formation, and we are looking for a downward breakdown.Note
March 14th - Seems forming a double top formation. Breaking below $840 will be the confirmation.
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