Technical Resistance in AMZN?

It’s pretty clear that AMZN has been in a buy mode recently.  It is possible that we do see even higher prices in this stock.  I do however want to throw up a caution flag here for a couple of reasons.  First, we have met the initial upside targets off our last trade setup in this stock.  Second, we are moving into a couple of key resistance clusters defined by Fibonacci price relationships.  They come in at 801.31-807.55 and then 813.95-819.00.  Third, I’m seeing a cluster of 6 Fibonacci time relationships that come due in the next few sessions between 1/10-13.  Since AMZN is trading straight UP into these cycles, they warn of a possible reversal (at least a tradable pullback) in the coming sessions.  Anyone who is long AMZN should at a minimum ratchet up stops on current long positions.  Shorter term nimble traders may also look at possible shorts against these same parameters, but only if you see clear sell signals signals that suggest it’s worth placing a bet on the short side or NOT!!

For more information on triggers click here:  http://www.fibonacciqueen.com/fibqueenguidelines.pdf