Amazon plunges - Analysis - 06-12-2018

Amazon's stock tumbled 5.78% in the last session, or 103.96 points, after the pivotal resistance of 1784.82 held on, representing the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the short term (from 1355.00 to 2050.50), with negative pressure from the 50-day SMA, while a negative divergence formed in the Stochastic indicator as shown below the attached chart. 

Therefore we expect more losses for the stock, as long as the resistance of 1784.82 holds on, targeting the support of 1519.14, representing the ratio 61.8% of the same retracement levels mentioned above. 

Expected trend for today: Bearish