The Weekly Chart of AMZN shows that the stock has dropped into a strong support price level with a risk that there could be a Dark Pool Buy Zone here. The share price is now below fundamental values.
With a month before AMZN reports earnings, it will be interesting to see how the stock behaves; it will reveal how well AMZN is recovering from the hyper revenues created by the stay-at-home orders and stimulus checks of the pandemic. This is the last quarterly report that will be skewed with the revenues and earnings from the pandemic anomaly.
Think we will bounce on the hourly/30min and down trend past 81.12 and into the basement. Target price to start accumulating is 66 for me. Very strong trend on M,Wkly and D that needs to show relief of pressure on trend. Daily will show bullish from oscillator perspective , but monthly and weekly just simply has too much downward pressure on shorter time frame trading. Longer time frames will traditionally have more bearing on trend than shorter. We could be seeing a pre-earnings bump on the hourly. I don't think this will be a V bottom due to macro economic factors. Before borrowed money was cheap, not so much now. Thank you for the chart and sharing.