AMZN forming a trading range with possible bearish reversal in the near future. Ichimoku charts catch the trading range and trendless movement clearly. The thin cloud indicates low resistance and support on the current levels. Judging the price actions pattern, it’s signaling bearish breakdown is imminent. Trade safely on this one! I’ve been selling puts on the low side of the Bollinger Bands to capture puts premium while AMZN grinding in the range. But this chart displayed that it’s time to clear out my trades very soon to avoid the bearish breakdown.
I check AMZN chart based on Elder Impulse systems and find out that the system still signaling there is bullish strenght inside the chart patterns. As the bar still green, it seems bullish trade is still ok. MACD seems to be topping though.
Another look on AMZN using Point & Figure Chart shows the following chart: