Aug. 5 at 9:35 PM
$AMZN made a fresh ATH on Monday, but the reaction afterward has been something I’m watching closely.
The breakout was supposed to bring buyers in, but instead we saw a lower close yesterday and now a bearish engulfing candle forming. The line in the sand for me is
$272.50.
If we lose that level by the weekly close, Monday’s breakout starts looking like a failed move.
The next few sessions matter.
Bulls need to prove this was just a shakeout, not a reversal.
Long term, I still like Amazon’s story AWS, AI infrastructure, advertising, and margin expansion are all major drivers. But charts don’t care about narratives in the short term.
I’m staying patient and letting price confirm the next move.
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