AMZN daily - is at major resistance. Actually, it breaks out of a falling wedge which is bullish. Volume is increasing which is also bullish. Moves out of the pattern would be strong and fast.
However, RSI is close to overbought territory.
MACD is moving up strongly, histogram tick is moving strongly while the MACD line is already above zero line while the signal line is catching it, which indicates a strong momentum of price movement.
Overall: AMZN daily is at resistance with RSI close to the overbought territory which could be indicated a small correction. Would be great for a further move if AMZN creates some kind of high base at and around these levels and then explode to the upside because at this moment it is a little bit away from 8 days MA so it needs to cool down to have health up momentum. Very very strong resistance in the up move would be BigRed or 200 days MA and blue falling trend line.
On another side, if AMZN got a strong rejection in the next one or two trading days, it would be pretty bearish. The first support would be 50 (blue) and 20 (green) days MA and if not hold then a major low from a few weeks ago where AMZN would bounce for sure.
However, RSI is close to overbought territory.
MACD is moving up strongly, histogram tick is moving strongly while the MACD line is already above zero line while the signal line is catching it, which indicates a strong momentum of price movement.
Overall: AMZN daily is at resistance with RSI close to the overbought territory which could be indicated a small correction. Would be great for a further move if AMZN creates some kind of high base at and around these levels and then explode to the upside because at this moment it is a little bit away from 8 days MA so it needs to cool down to have health up momentum. Very very strong resistance in the up move would be BigRed or 200 days MA and blue falling trend line.
On another side, if AMZN got a strong rejection in the next one or two trading days, it would be pretty bearish. The first support would be 50 (blue) and 20 (green) days MA and if not hold then a major low from a few weeks ago where AMZN would bounce for sure.
Consistency is the key of success....
