• AMZN is in a bear trend, as it is doing nothing but lower highs/lows, and there’s no sign of reversal yet;
• In addition, AMZN is trading below the 21 ema, which is working as a resistance;
• Since it is a bear trend and there’s no confirmation of a reversal, the area near $100 is the next support level;
• However, a possible bullish structure could reject this thesis. If AMZN breaks the previous resistance at $117 (black line), it’ll break the bear trend by doing a higher high/low, and by breaking the 21 ema;
• This reversal would have a target at the last gap ($136 – green line), however, there’s no confirmation that AMZN will trigger this bullish pivot point;
• In the daily chart, we see why the $117 is important. It is not just the previous top in the 1h chart, but the previous top twice, in June and July;
• In addition, AMZN is below the 21 ema in the D chart as well, and this point will probably work as a resistance in the future. Still the gap around $136 would be the ideal target;
• However, in the lack of confirmation, AMZN will just seek the next bottom at $102, therefore, it is important to see some reaction as soon as possible if it wants to avoid this scenario.
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• In addition, AMZN is trading below the 21 ema, which is working as a resistance;
• Since it is a bear trend and there’s no confirmation of a reversal, the area near $100 is the next support level;
• However, a possible bullish structure could reject this thesis. If AMZN breaks the previous resistance at $117 (black line), it’ll break the bear trend by doing a higher high/low, and by breaking the 21 ema;
• This reversal would have a target at the last gap ($136 – green line), however, there’s no confirmation that AMZN will trigger this bullish pivot point;
• In the daily chart, we see why the $117 is important. It is not just the previous top in the 1h chart, but the previous top twice, in June and July;
• In addition, AMZN is below the 21 ema in the D chart as well, and this point will probably work as a resistance in the future. Still the gap around $136 would be the ideal target;
• However, in the lack of confirmation, AMZN will just seek the next bottom at $102, therefore, it is important to see some reaction as soon as possible if it wants to avoid this scenario.
Remember to follow me for more analysis like this! Keep in touch.
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