Amazon is really sinking right now, at the moment it is down a whopping 7%. That is quite a lot for such a large stock. Here is the weekly chart:
Comment: What we can see here is that Amazon has lost its weekly trendline that started in October of last year. It is likely that Amazon will continue to fall all the way down to 1200. It is right now at 1394.
But if we are looking for real solid support we have to go down all the way to 1000 and that would be an additional 28%. Could be a nice put option play for the next quarter.
Happy trading!