AMZN has topped

MoneyMatthew said:
Those are good levels.

AMZN has some bearish forces against it. I think it will hit 2500 within the next 4 months. It will possibly begin a recovery after that going into the holiday season. This is not a long term short.

Sell Short @ 3223
Set a Buy Stop @ 3554
Buy to Cover @ 2500

AMZN is about due for a bad quarter. The poor results will be blamed on covid restrictions being lifted and a return of shoppers to stores combined with less dependence on prime deliveries.

Increasingly poor/lower customer service by Amazon will also be a factor.
More...
It's important to admit when you are wrong. I am wrong on this trade and the 3554 Buy Stop will no doubt be taken out soon.

Historically, AMZN goes down in September. If you are Long, consider taking profit at the end of August and potentially going Short in September for 1 month. Or, sit on the sidelines and buy the dip at the end of September.
 
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