US consumer trouble ahead?
Amazon, one of the biggest companies in US represents the US consumer itself for many of us. The share's price action and the momentum gives some technical signals on the weekly chart, that call for caution.
- Ichimoku setup is neutral, and is vulnerable until price is below Kijun Sen (26 days average at 1850 USD)
- All momentum indicators have bearish bias: EWO is negative, haDelta+ and haOscillator cross down
- Real key level is 1670. A break below would trigger a massive selloff
- Some may say it is printing a double top, but let me remind you all, that double tops need a confirmation in terms of a neckline break. That would only happen at/below 1370, so don't bother yourself with trading an unconfirmed long term pattern.
- Ichimoku setup is neutral, and is vulnerable until price is below Kijun Sen (26 days average at 1850 USD)
- All momentum indicators have bearish bias: EWO is negative, haDelta+ and haOscillator cross down
- Real key level is 1670. A break below would trigger a massive selloff
- Some may say it is printing a double top, but let me remind you all, that double tops need a confirmation in terms of a neckline break. That would only happen at/below 1370, so don't bother yourself with trading an unconfirmed long term pattern.
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