AMZN - too hot out of the gate?

12 oct. 2023

AMZN is showing signs a reversal could be on the horizon.

Looking at the gap-down on Sept. 21, we see the bulls have recently attempted to fill this gap but thus far have failed (as of the writing of this post).

This is occurring alongside an active rug pull event at $128.81 as well as an overbought RSI beginning to cool-off.

All signs showing this could begin heading back towards $128.81 as a minimum downside target. We are keeping an eye on how the technicals play out over the next couple of trading days to confirm this thesis.

13 oct. 2023

Note

Clean break of the AVWAP this morning. Targeting $128.81 as a minimum downside.

18 oct. 2023

Note

Target reached; rug-pull event has concluded.