Amazon is really sinking right now, at the moment it is down a whopping 7%. That is quite a lot for such a large stock. Here is the weekly chart:
Comment: What we can see here is that Amazon has lost its weekly trendline that started in October of last year. It is likely that Amazon will continue to fall all the way down to 1200. It is right now at 1394.
But if we are looking for real solid support we have to go down all the way to 1000 and that would be an additional 28%. Could be a nice put option play for the next quarter.
Happy trading!
My read on this it's a knee jerk reaction to Trump putting Amazon in his sights. Not sure how much impact it will have in the near term though. That being said, agreed that overall FUD in equities should move some money into gold/commodities and crypto (although likely BTC and ETH more than some of the alts).
I honestly think the money gets moved back into Amazon and they break 1700 in the next few weeks. Nothing has actually happened it's all hearsay. Amazon has very few competitors and have heavy ties in a variety of industries. Twitch.tv, Whole foods, IMDb, etc. The FB decline is another story. They have asked for regulation, a change to their business process and are relativly constrained to one industry Social Media/Marketing.
So the move begins..
More will drop and more will move to other places...
Crypto perhaps?
We will see
Great post
yeah, that is what I would expect, cryptos and likely gold & silver will benefit from this.
Amazon will test the pivot low in Feb at $1280 first.
But agree with you, there is monthly demand sits at $1200 and $1000.