Amazon Technical Analysis: Approaching Main Support

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Following on my January 2013 Technical analysis for the share, the price is currently in a complete opposite position, testing areas near the other extreme of the regression lines, just near the bottom of 4-deviation regression channel, which is the opposite of January analysis, where the price was at the top of the 4-devation ascending regression channel.

Reaching the bottom of an ascending regression channel (4-deviation) is more of a warning signal rather than an oversold signal for me, as reaching such selling extreme in a bull market is indicative of a potential bearish reversal.

I am not suggesting a reversal yet, but i will be eying the very important area near $280, as outlined on chart. A break below that could be the real confirmation signal for a new bear market.

I will also be open and consider any bullish development at that key support, a major bullish candle or a bullish price formation may suggest a potential bounce..

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Good Analysis....
Thanks script master
jangseohee Technician
2 more dollar to my target, might settle it tonight, i am ready for a false break down, after that AMZN would bounce on the support and be one of the stock that helps another ATH in Nasdaq Composite, just my wild speculation
That is an ominous descending triangle pattern!
+1 Reply
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