Just for fun and with not even a thought of shorting I did a post to review the Head & Shoulders pattern in AMZN back on September 25. We noted that the 50 day average had turned down and proper bearish volume dynamics were in place. We also noted…
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.
And once again defeat is snatched from the jaws of victory for the bears as it has made a high above the right shoulder after never breaking the green dotted support (neck) line we’d drawn in. The AMZN situation is symbolic of stuff going on all over the place, in US markets, global and what have you. But you’ve got to either play the game they’ve got going or sit out and wait.
That’s what this market is. Lot’s to talk about in NFTRH 469 this weekend. I think I am going to change it up from the usual format and talk more, chart less.
Subscribe to NFTRH Premium for your 50-70 page weekly report (don’t worry, lot’s of graphical content!), interim updates and NFTRH+ chart and trade ideas or the free eLetter for an introduction to our work. Or simply keep up to date with plenty of public content at NFTRH.com and Biiwii.com. Also, you can follow via Twitter @BiiwiiNFTRH, StockTwits, RSS or sign up to receive posts directly by email (right sidebar).