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Fan Yang

Amazon (AMZN) Completing a Head and Shoulders Pattern

Amazon (AMZN) has had a strong run in 2017, but since cracking 1080 at the end of July, price has been in correction mode.

Amazon (AMZN) Daily Chart

(click to enlarge)

H&S and Downside:
- The daily chart shows that AMZN already broken below a rising trendline. 
- There is also a head and shoulders pattern. It looks like price is right around the neckline where we can expect some short-term bounce. But if price breaks below 927, AMZN would open up a support pivot at 885, and then around 845. 
Anticipating Support:
- Amazon is one of those giants I think will continue to grow, so buy-on-a-dip seems to be the right strategy here.
- I think the 850 area is golden especially if there is an RSI vs Price bullish divergence. 
- I think we should first anticipate a sideways correction with 1000 as the resistance and 850 as the support. 

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