Amazon.com (NASDAQ:AMZN) is forming a potential bearish head-and-shoulders pattern, as shown on the following weekly chart.
We’ll see whether it plays out, in view of the company’s decision Thursday to abandon its project to build AMZN’s second headquarters in Long Island City, Queens – a loss of up to 25,000 job for New York. Amzaon’s statement is here and it describes the political opposition it encountered.
Keep an eye on the momentum (MOM), rate-of-change (ROC) and average true range (ATR) indicators for direction and velocity purposes going forward. I’ve shown their input value as one period to illustrate that more clearly.
Meanwhile, core Retail Sales m/m data released Thursday were drastically in the red, a harbinger of things to come or just a blip? I’ll be watching this data point in the coming months. Another month like the one just past could hit AMZN and other retail giants hard.