AMZN: Two scenarios to work with! [UPDATED]
Hello traders and investors! Let’s see how AMZN is doing today! I'm updating the key points I mentioned in my previous analysis (link below).
First, in the 1h chart, it failed miserably in breaking our previous resistance at $ 3,169, so, no bull trend here. However, this is not a bear trend as well, as there’s no lower highs/lows. Instead, we see a sideways correction between the two black lines.
From here, we can imagine a few scenarios on AMZN. If it breaks the upper black line, great, it’ll be bullish again, and the $ 3,337.56 would be our next target, as evidenced in the daily chart below.
However, by losing the lower black line, the red line at $ 3,034 would be its next stop. In the worst-case scenario, it could lose this red line and fill the last gap (yellow square).
As we see in the daily chart, the green line is the $ 3,337.56, and it has a reason why it is our target: It is a previous resistance. Since AMZN is doing higher highs/lows in the daily chart, this would be our next stop after doing a new high.
On the other hand, by losing the red line, we see that AMZN would trigger a bearish pivot point, a bearish reversal structure and it would do a lower high/low, frustrating the bullish thesis.
Therefore, we must watch all these key points very closely from here. The moment is decisive on AMZN, and I’ll keep you guys updated on it. In this case, remember to follow me to not miss my future analyses.
First, in the 1h chart, it failed miserably in breaking our previous resistance at $ 3,169, so, no bull trend here. However, this is not a bear trend as well, as there’s no lower highs/lows. Instead, we see a sideways correction between the two black lines.
From here, we can imagine a few scenarios on AMZN. If it breaks the upper black line, great, it’ll be bullish again, and the $ 3,337.56 would be our next target, as evidenced in the daily chart below.
However, by losing the lower black line, the red line at $ 3,034 would be its next stop. In the worst-case scenario, it could lose this red line and fill the last gap (yellow square).
As we see in the daily chart, the green line is the $ 3,337.56, and it has a reason why it is our target: It is a previous resistance. Since AMZN is doing higher highs/lows in the daily chart, this would be our next stop after doing a new high.
On the other hand, by losing the red line, we see that AMZN would trigger a bearish pivot point, a bearish reversal structure and it would do a lower high/low, frustrating the bullish thesis.
Therefore, we must watch all these key points very closely from here. The moment is decisive on AMZN, and I’ll keep you guys updated on it. In this case, remember to follow me to not miss my future analyses.
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