Bearish Head & Shoulder Formation Targets $1200

After breaking below a major support level at $1500, Amazon completes the left shoulder and head of a head & shoulders formation. Look for a rangebound scenario between $1300-1500 to complete the right shoulder, before targeting $1200-1220 area to the downside. Take short positions on any bounces higher towards the $1500 level.

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Momentum is slowing down as we reach $1470 resistance level. Good risk/reward for short entries here. Look to use put spreads to limit your risk such as Jun 15 1480/1260 Put Vertical: app.optionsplay.com/