AMZN Ascending Wedge Break Trade Ideas

12 ส.ค.

This is a chart from one of my previous ideas centered around this ascending wedge from the October 2023 lows. Like many things, that uptrend is now a thing of the past, until bulls reclaim these uptrends it is looking grim for just about everything I see as far as tech and the mag 7 go.

AMZN bulls tried to hold the 167 area after the trend break, which was the top of a previous gap from February. They did not succeed and it broke well below 167, but has now came back for a retest and had a small rejection so far but pretty much closed on the line. This is make or break, it's the April lows. AMZN is weaker than a lot of the other mag 7, this started when Bezos began to offload shares near 200.

It has not been able to hold up since and I don't think it will start now. I consider this retest of 167 to be a fantastic short opportunity so I'll be watching closely. First short target would be 143-144. If it keeps going above 167, I'll be watching the trendline above for a short on a retest or near the 190-200 area.