On the weekly chart, we see the resistence levels. It should have a tough time to pass $64 to $64.58, that's the resistence formed in 2000, would need some mega volume to pass that level.
Amzn
- Thread starter pumpanddumper
- Start date
I'm gonna drop some acid and then decipher that...lol.
Yes, I agree that AMZN is good to short but I also thought that at 55-56 and would be getting crushed.
I want to short JSDA if gets up to 29 but doubt shares will be available again..
Yes, I agree that AMZN is good to short but I also thought that at 55-56 and would be getting crushed.
I want to short JSDA if gets up to 29 but doubt shares will be available again..
I'm short again from this morning so I am biased. That said, please see my earlier remarks regarding high volume spikes. This stock will essentially be unable to get out of its own way for quite some time, and should continue to drift downwards. I would not be surprised to see it trade below the gap day low; in fact, these often fill the gap. I know it sounds crazy looking at it here, but I have done this play a bunch of times in past years and it works out roughly 9 times in ten. There are still a few days until the volume returns to normal, but it will and all the while the weak hands will cause the price to grind lower. Soon, it will accelerate to the downside. Even if the market recovers (and I think this will be a small correction) it will not save this stock. The overhang soon will be HUGE.
God save the Queen and I hope I'm right.
God save the Queen and I hope I'm right.
I think you might need some better charting
I wouldn't (didn't) go short at 55-56 because the MOMO was high on AMZN
In the chart, the momo line was hooked to the top and had no signs of going down from 04-25-to 04-27. Shorts were trying to cover on dips, 50 HMA has been up and up, AMZN's momo line started to turn down when it hit the resistence at $64, in fact, it had a negative divergence (price was higher high, TAs were lower low). Now the momo line s heading downward and right below 80%. The 50 HMA turned to red yesterday.
Yesterday was the first day AMZN showed weakness even though daily and weekly charts still shows strengh. The weakness could expand from hourly to daily and weekly. The BB is very very tight, it will move up or down big tomorow to break this narrow range.
I wouldn't (didn't) go short at 55-56 because the MOMO was high on AMZN
In the chart, the momo line was hooked to the top and had no signs of going down from 04-25-to 04-27. Shorts were trying to cover on dips, 50 HMA has been up and up, AMZN's momo line started to turn down when it hit the resistence at $64, in fact, it had a negative divergence (price was higher high, TAs were lower low). Now the momo line s heading downward and right below 80%. The 50 HMA turned to red yesterday.
Yesterday was the first day AMZN showed weakness even though daily and weekly charts still shows strengh. The weakness could expand from hourly to daily and weekly. The BB is very very tight, it will move up or down big tomorow to break this narrow range.
JSDA hourly/15 minutes chart, some weakness to the downside first, may retest $23.10 or even $22:
Quote from gov:
I'm short again from this morning so I am biased.
God save the Queen and I hope I'm right.
I got caught with my pants around my ankles early in my shorting career, very recently actually, with MAMA. I went short when it went to $3.30 or so the first time,it fell back under $3 briefly, then rocketed to $8.60. Luckily it scared the shit out of me and I covered at $3.60 the first time and shorted the shit out of it at $8.20...but pulling the trigger too soon can really hurt.
I think AMZN is done with this run...margin calls among shorts were probably a lot of the fuel for the fire. Can you imagine shorting that stock 2k shares in the low $40s and then getting a $20k bill the next few days? That's why I only buy Puts now even if the risk is higher!
Also long the puts. I don't like shorting things.
The share price is in the "silly-sphere", me thinks. Its not like they are making enough to justify a share price north of $25, let alone $50 or $60 is what I see. It was all a game of squeezing shorts, and I think that's out of steam, now, and smarter longs are now taking profits while they still have them to take.
The share price is in the "silly-sphere", me thinks. Its not like they are making enough to justify a share price north of $25, let alone $50 or $60 is what I see. It was all a game of squeezing shorts, and I think that's out of steam, now, and smarter longs are now taking profits while they still have them to take.
that if you want to short this thing you should consider a spread of some sort. The implied premium on the puts is really high right now...
For example, the stock went down 1.30 yesterday and the otm puts lost value to broke even.
just my 2 cents
For example, the stock went down 1.30 yesterday and the otm puts lost value to broke even.
just my 2 cents
There is a very high premium in the options, I'm definitely not denying that. I bought mostly June $60 Puts for about $3....if the stock falls under $60 in the next 2-3 weeks I'm sure I'll get good valuation from them.
The premiums are nuts, but the stock went meteoric so fast....it's the price you pay to be in this play. I see a ton of value though being short this one and almost no upside. I think that short covering was a huge huge huge factor because this was truly a situation(rare) where shorts were probably bombarded with margin calls forcing them to cover.
The rest of this week should be telling I think. Good luck.
AMZN technicals have not changed much on the hourly chart, still pretty weak. 30 period WMA - the resistence, 60 period WMA - the support. Whenever it hits 30 period WMA, the price starts to fall, whenever it nears 60 period WMA, the price starts to bounce. Something will happen when both MAs are getting closer, someone has to surrender.
