Amazon ($AMZN) bounced today off an up-sloping trend line that starts in February 2016. This trend line has been amazing, holding price in a near vertical climb.

How To Trade It

As long as Amazon stays above that trend line, it has the ability to go higher. It is far too overbought at this juncture to buy, but wait to short until it cracks that trend line. Once below it will be an epic drop, potentially north of $120.00. That fall would take Amazon to at least the current 200 daily moving average at $645.00.

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