Amazon - Feb - Daily Analysis
Basing Candle with closing below the previous trend line which indicates - Short position.
However we need to wait & watch for the next candle for DBR or DBD.
Reasons to Go Short:
1. MACD cross over is awaiting.
2. Super trend indicates short
3. Candle closing below the previous break out line
4. Weak Demand zones
5. If 13-Feb closes below 97, then Drop based Drop is confirmed else next candle should be strong green to consider it as a drop based Rally.
Strong supply Area
Its tested once with 1:4 risk reward ratio from 114 to 97
Weak Demand Area
Might give 1:1, if this level breaks our then the target is 83.
However we need to wait & watch for the next candle for DBR or DBD.
Reasons to Go Short:
1. MACD cross over is awaiting.
2. Super trend indicates short
3. Candle closing below the previous break out line
4. Weak Demand zones
5. If 13-Feb closes below 97, then Drop based Drop is confirmed else next candle should be strong green to consider it as a drop based Rally.
Strong supply Area
Its tested once with 1:4 risk reward ratio from 114 to 97
Weak Demand Area
Might give 1:1, if this level breaks our then the target is 83.
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