AMAZON and the threat of a Head Shoulders Pattern

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The e-commerce giant could be developing the second shoulder of a hypothetical pattern head shoulders.

The definitive loss of 3130 dollars would confirm the breakout of the figure, a scenario likely to develop a subsequent downward stretch in search of 2800 dollars in the area. This potential corrective context would be definitively cancelled with the recovery of 3470 dollars corresponding to the upper part of the last bearish gap left in mid-September).

Pro1 PREMIUM Portfolio

Resistances: $3.330, $3375, $3470, $3.550.

Supports: $3180, $3130, $2980, $2880.

Targets: (Bullish) $3350 (Bearish) $2800, $2600.

Trend structure in AMAZON:

  • Short term: Neutral.
  • Medium term: Neutral-bullish.
  • Long term: Bullish.

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