Amazon.com
Short

Amazon - AMZN

242
Left chart – daily chart / 1 year
• Resistance from the gap formed ending October 2022 at 103.96/109.77
• Support from the gap formed beginning November 2022 at 89.47/91.65
• Stock is trading between the support and resistance gaps in a sideways trend
• Decreasing volume in the last days
Right chart – weekly chart / 5 years
• Downtrend since mid-November 2022
• Downtrend supported by 50 weeks moving average
• Resistance at the 23.6% Fibonacci Retracement at 106.80
• Decreasing volume in the last weeks
Stay short as long as we don’t see a clear break of the resistance at 109.77. At that point the downtrend is broken, the Fibonacci retracement becomes a support and the gap resistance (left chart) is filled.

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