Bears Sniffing Around This AMZN Pattern?

The campers have retired to their tents but they failed to secure one delectable hunk of leftovers. With a flashlight you can see the bears sniffing around the dark campground… sniffing, sniffing and thinking about nibbling.

The would-be H&S on Amazon even has some proper volume dynamics for a bear case. But personally I am not touching it because I am a defective would-be bear. I have a personality quirk where I can easily shake off losses from the long side but I get highly pissed if the likes of an over played market darling sporting a classically bearish pattern fails to resolve that way and instead, costs me money. Another weakness is that I personally think Amazon is a great company.

The 50 day average has turned down and that is intermediate negative for this stock that topped back in the summer. But the MA 200 is rising firmly and that would give me pause (as a bear). As I said, I’m not a very stout bear in cases like this. So I’ll just watch with curiosity to see if this resolves in the way of the pattern or in the way of the long-term moving average. Meanwhile, the neckline has not broken so it’s just theoretical.

amzn

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