FirasMohamed

AMZN: GONNA TAKE TIME

NASDAQ:AMZN   AMAZON COM INC
Hey everyone hope y'all had a great weekend, alright so today I wanna talk about Amazon and what happened last week.

first, don't wait for the price to make a higher high and break the $2050 level's because it's GONNA TAKE TIME.

the idea here if you take a look at the Upper-line of the Bollinger band you can see that it's moving side by side with the resistance level of $2050 levels, and we know that the general space that the price can move between is the Upper and the Lower bands of the Bollinger . So when the Upper line for two months can't go upside the resistance line of the $2050 levels this is mean that the price facing difficulty to go upward.

In contrast, what happened with the lower-band of the Bollinger , we can see it's making higher high and moving smoothly upward.

So we understand from this that the price generally is in an uptrend but facing difficult levels like $2050 that gonna make the price move in a flat way (sideways) for couple weeks (may we close this month as a flat) before it can break the resistance level .

In the stochastic shows price fall from the Overbought zone and this is good because this is mean 2 things, that the $1878.57 levels are gonna be the end of the down move.

you can see how the price get rejected with the same why of the previous candle in the chart. .

What's The next movement could be?:

I expect the price will do as same the last week?
I don't think bears can keep pushing the price more but I guess we going to see bulls movement next week (tomorrow) for multi-reasons:

1) price already Oversold
2) The price hit the 80MA (what's give buy opportunities)
3) the last candle can't break $1878.57 levels.,


So yeah, this is "my thought" about Amazon for the Next week, To the Next Sunday, have fun.
Thank you:) Am i wrong if i see a double bottom on 0,618 fib level?
Reply
@GiulioBc, you're welcome!. the double bottom should be confirmed only if the two candles closed at the same level, I just applied the FIBO in my chart to see if the candles will fit together in the same level but it doesn't, so it's not a valid pattern.
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