$AMZN: Bearish Target Hit, 258.9 Is Monday’s Key Level
On August 3, I flagged a bearish reversal in $Amazon.com(AMZN)$ based on the price action. The 256 support level has now been reached, confirming the target.
With Amazon becoming increasingly oversold, trailing stops are key for short positions from here.
📌 Monday’s game plan:
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Above 258.9: bullish bias → watch 260, then 263
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Below 258.9: expect choppy action around 256 and 254.9
The key is how price reacts around 258.9. A clean reclaim would favor a short-term bounce, while failure to recover it keeps the downside structure intact. Amazon closed at $258.63 on Aug. 21, putting it almost directly at this key pivot.
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