See This Huge Sell Signal On Amazon ($AMZN), Target $600

Amazon, Inc. (NASDAQ:AMZN) is putting in the sell signal of the year. This stock has been a one way freight train, but that is about to reverse hard. Take a look at the price action in 2016. The stock is up from $475 per shares to a high yesterday of $757 per share. Just in 2016 that is a gain of almost 60%. The overbought nature of this stock is only a minor part of why it is going to be a huge sell with a target of $600. The main factor has to do with the sell signal seen on the chart in the last 24 hours. The stock rallied in the past week into Prime Day, a made up shopping holiday. Yesterday, the stock sold off on rumors that sales were not going to meet expectations. However, today good news on sales popped it back up...for a short while. This good news failed to keep the stock up, let alone take out yesterdays highs. The fact that yesterdays highs did not get breached is a sell signal of epic proportion on a stock up 60% in 2016. Investors with a technical analysis background are rushing to sell or short. If the key up-sloping trend line is broken to the downside, Amazon has little to no support until $600 (a key gap fill). This might be one of the best shorts in the stock market for the second half of 2016. You heard it here first.