AMZN showing bearish signs. Might have one bullish move left.

AMZN is currently sitting on pretty critical support zone that it has held since the double top rejection that occurred in early October. On the RSI, we can see it is forming an broadening ascending wedge pattern which is more often then not a bearish pattern that ends up breaking down. However, we might get one more retest of the top of the ascending broadening wedge pattern on the RSI, which could indicate another upwards move on the price action to the light-blue line as shown in the chart for an approximately 20% gain. We have a lot of overhead confluence and resistance from the 10/20/50/100/200 moving averages, and from previous support zones which are now acting as resistance. Again, it does NOT have to break-up one more time, and this broadening ascending wedge pattern could easily fall through this support zone when the market opens; I'm just stating it COULD have one more test of that 1775 level. Overall, AMZN looks bearish to me.

Moving average guide (daily chart):
10 MA in Orange
20 MA in Pink
50 MA in Green
100 MA in Yellow
200 MA in Red

Area of interest IF the price breaks up one more time:
1760-1780

Area of interest IF the price breaks down:
1350 (previous support zone and near the 100 weekly moving average.)

Link to learn about ascending broadening wedges (not my link or article, full credit goes to the site/author): education.howthemark...ng-wedges-ascending/

Comment:

100 Weekly MA shown in yellow:

Comment:

Sitting basically right on the support zone I mentioned before:

On the Daily, we can see the ascending broadening wedge pattern on the RSI did just break to the downside:

Trade closed: target reached:

Target hit: