AMZN's on a Distribution zone & price may revisit the resistance
Market Instrument: AMZN
Timeframe: DAILY
Analysis: Technical
Structure: Distribution Zone
Prediction: Neutral
AMZN is playing inside a distribution zone for some time recently. While the recent breakout to the downside has got faked out by a move back inside the support highlighted on the chart. For the moment the AMZN can revisit the resistance highlighted but until it shows a valid breakout off the resistance we cant assume it's a bull ride as theoretically the price should crush with a breakout on the support formed to the downside.
Timeframe: DAILY
Analysis: Technical
Structure: Distribution Zone
Prediction: Neutral
AMZN is playing inside a distribution zone for some time recently. While the recent breakout to the downside has got faked out by a move back inside the support highlighted on the chart. For the moment the AMZN can revisit the resistance highlighted but until it shows a valid breakout off the resistance we cant assume it's a bull ride as theoretically the price should crush with a breakout on the support formed to the downside.