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Amazon breaks 5-year support, as weakness after Drone high continues!

By Ilene
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Amazon breaks 5-year support, as weakness after Drone high continues!

Courtesy of Chris Kimble 

 amazondronehigh5yrsupportbreakoct25

CLICK ON CHART TO ENLARGE

The Power of the Pattern highlighted several months ago that Amazon looked to have created a top at the same time the new drone was introduced on 60-Minutes at (A) above. As mentioned above, when the Drone was being introduced, AMZN was hitting channel resistance and a long-term Fibonacci extension level. While these two resistance points were coming into play, it also created a Doji Star topping pattern.

Lets now take a current look at what AMZN is doing. The above weekly chart reflects a break below a 5-year support line has taken place. This week it kissed the underside of this channel and failed to climb back into it, as it created a rather large bearish engulfing pattern at (1) above.

What does all of this suggest for Amazon going forward? I think Jeff's face says it all, as price action suggests lower prices are to come. This price action could be very important for the NDX 100, due to cap weighting!

 

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