By Licia Leslie
November 15, 2024
Hi Shoppers,
Amazon (Ticker: AMZN) has just made new all time highs right at the top of my pitchfork resistance:
And yesterday’s action created a Dark Cloud Cover candle which could be signaling a change in this uptrend.
The Relative Strength Index has dropped down below 70 and out of the over bought territory.
Watch for the confirmation this morning of AMZN trading lower before shopping for puts.
I like next Friday’s puts:
I like the 210/205 put vertical, that is buying the 210 puts and selling the 205 puts.
I would pay up to $150 for that spread.
Support comes in at $205.91.
Use a close over $213 as your stop loss.
Trade Review
Alphabet (Ticker: GOOGL) did a complete reversal and traded lower. Support comes in at $173.50.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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