I was asked my thoughts on AMZN late Friday and this was my response (along with today’s daily chart):
The short answer is yes, I think AMZN still looks bearish and looks like an objective swing short here. The problems is that the darn stock just continues to defy both the technicals and fundamentals (it is extremely overvalued). I’ll try to post an update on the stock today but basically, on my daily chart, I show the stock just recently having broken below the most recent sub (or minor) uptrend line and it is backtesting that line as well as another resistance line right now. Once again, the indicators are diverging as prices make higher highs so we’ll just have to wait until next week to see of those divergences are burned through as well as prices breaking above those intersecting resistance lines. If you’re currently still short (I am in one of my long-term accounts), then I wouldn’t add until/unless the stock reverses very soon. Ditto for adding if not yet short. Although I decided to leave AMZN on as an Active Short Trade for now, it was in my “questionable” column, along with other trades that I am considering removing unless the begin to roll over very soon. Hope that helps and again, I’ll do my best to post an update asap but can’t promise it will be today.
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