KR: ZOOMING IN

Here is an hour MM setup that further concerns me:

http://tos.mx/DMWCDB

Note that this long bar is the ANNOUNCEMENT bar from Amazon.   It is the 6am selling bar, and then price moved back up into ITS RANGE, from 24.69 down to 20.46.

LOOK:

1.  $22.58 has been rejected.  PRICE MUST BREAK:
2.  $23.07!   This is the break of this SHORT MM.

So, there is, in summary, a lot of over-head resistance to manage here for our longs to win.

Remember, there now NET SHORT SELLERS (short contracts, short calls, puts bought) that will defend their positions in this auction process.

WILL THEY BE BROKEN by secular long players who have an interest in seeing KR move back up and break that range from $42.75 to that low, 20.46.

Remember that they could buy like crazy only to sucker in longs (late of course) who will suffer a rejection and a move lower than $20.46.

But, we have to remember that institutions will find value somewhere down there and HAVE THEY ALREADY decided to double and triple down as management successfully convinces the market that Amazon cannot possibly compete in a very low margin and difficult business.

DJ