Last month, Amazon stocks (AMZN) hit an all time-high of $151.00. At present, it continues to move along an uptrend though it appears to be forming a bearish reversal pattern as well. Above, we could see a potential double top (indicated by the red arcs). If the price breaks down from the formation and the uptrend line, the next level of supports would be at $114.00 and $110.00. If the uptrend remains intact, we could see the price hit its previous once again. The stock could even skyrocket if and when it clears its all-time high. But if it does not, it could probably draw another bearish reversal pattern in the form of a head and shoulders formation. A break from the marked neckline could likewise send the stock down to the mentioned support levels. The worse case scenario here is that it could slide all the way down to the $100.00 level to fill up the previous gap.
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