Critical Support Shelf Play in Amazon AMZN Right Here

Sep 26, 2017: 1:17 PM CST

Amazon (AMZN) shares tumbled from the (almost) $1,100 peak in July and have remained weak.

Let’s pinpoint a critical price point that will be key to trading the next swing for this popular stock:

AMZN Amazon

We’re dangerously close to forming a Head and Shoulders price pattern with a neckline at the $940 level.

Buyers continue to hold support – and create rallies – off this critical price target.

With reversal candles developing here today, we’ll hold our dominant thesis to expect another bounce.

However, if bears gain control and crack price beneath $940, expect a quick liquidation event toward the rising 200 day SMA (red) near $910 per share.

If you’re playing options, swing trading, or day trading this big name, frame your next decision in terms of the departure away from $940.

Come join us to learn these tactics (beyond this simple/quick update) and have an evening game plan you can use effectively for the next trading day.

Afraid to Trade Premium Content and Membership

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Corey Rosenbloom, CMT

Afraid to

Follow Corey on Twitter:

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”

Comments Off on Critical Support Shelf Play in Amazon AMZN Right Here

Comments are closed.