Amazon short in the near-term

AMZN

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While Amazon seems to be forming a falling wedge on the weekly timeframe, it can be expected to fall in the short-term…..

Daily timeframe seems to suggest a potential H&S pattern playing out.

*Multiple gap-ups beginning of the year (including a weekly gap up) kicked-off the beginning of the H&S pattern start of 2023.

*AMZN seems week enough to go back to fill those gaps. If that happens, we can see Amazon hitting mid-80s in the coming days and weeks. Plus, for Amazon needs to decline in the short-term to build on the falling-wedge pattern.


*Lastly, Feb monthly candle-stick seems to suggest a bearish trend and set to test the 100-period MA on monthly timeframe.

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