CFD Trading – Sell Amazon Com (AMZN.NAS) @ $3175. Stop at $3365 and Target at $2545

Amazon Com Stock Code AMZN.NAS

Outlook

Price tried to break above the cloud but was capped by the upper edge of the rising cloud as well as the Base line. Price also formed a Hanging Man candlestick price pattern, which is a warning of a price high and a likely reversal. The pullback in price was also capped by the Fibonacci 50% correction point of the decline from the high of $3552 to the recent low of $2870. Conversion line and Base line had a bearish crossover, confirming the bearish trend. Lagging Span is below price of 26 days ago but is above the cloud at the moment. MACD is bearish and there was a bearish divergence warning. If price is unable to move above the cloud, we are likely to a see a decline in price to the support at $2545 in a Fibonacci ABC correction move.

Strategy                  
$3175.00             Short Sell
$2545.00             Price Target
$3365.00             Risk Management Stop
3 weeks                Trade Duration

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