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Prime time for Amazon.com?

NASDAQ:AMZN   Amazon.com, Inc
Amazon.com has retraced almost all of its pandemic gains. Is this an opportunity for buyers? Let’s consider some chart patterns.

First is the $101.79 level (split adjusted). It was a peak in July 2019 and a breakout area immediately before the coronavirus selloff in early 2020. AMZN probed that zone in late May and again in mid-June, each time managing to rebound above it. Has the old resistance been established as new support?

Second, prices formed a “W.” That’s potentially consistent with a double-bottom reversal pattern.

Third, the candlesticks with long tails on May 24 and June 30 were hammers – another potentially bullish reversal pattern.

Finally, you have some factors that don’t appear on the chart. Amazon Prime Day is July 12-13 and quarterly earnings are due around July 28. We’re also entering a new quarter and half. After seven months of pain, will investors start to revisit the e-commerce giant?

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