Amazon.Com -AMZN -Daily -Breaking down slowly through support
Slow and steady decline in AMZN here as it rolls over from what was support. There is a giant triangle you can see on the chart (highlighted in blue) where I use the highest lows and lowest highs to draw the triangle (not the highest highs and lowest lows).
AMZN was sitting there the past few days as the market sold off after quadruple-options-expiration last Friday, but I like to "go with" trades that set-up like this and look for another 20-40 points (6-13%) on the downside for AMZN through the end of November. I'm sure that AMZN will have a barn-burner for a Holiday selling season, but for now I think it is under pressure along with the retail group.
Risk 15 pts - 20 pts to make 20-40 pts. Probability estimate for this type of trade 50%.
Tim 11:16AM EST 9/26/2014 AMZN 318.31 last
AMZN was sitting there the past few days as the market sold off after quadruple-options-expiration last Friday, but I like to "go with" trades that set-up like this and look for another 20-40 points (6-13%) on the downside for AMZN through the end of November. I'm sure that AMZN will have a barn-burner for a Holiday selling season, but for now I think it is under pressure along with the retail group.
Risk 15 pts - 20 pts to make 20-40 pts. Probability estimate for this type of trade 50%.
Tim 11:16AM EST 9/26/2014 AMZN 318.31 last
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