Technician

Amazon Technical Analysis: Approaching Main Support

NASDAQ:AMZN   AMAZON COM INC
611 5 17
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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My best regards,
Technician
My trading channel https://telegram.me/technician_forex_trades

Related Ideas

jangseohee
2 years ago
AMZN, negotiating with resistance
+2 Reply
AdamParmer PRO
2 years ago
That is an ominous descending triangle pattern!
+1 Reply
ucsgears PRO
2 years ago
Good Analysis....
Reply
Technician TOP ucsgears
2 years ago
Thanks script master
Reply
jangseohee Technician
2 years ago
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
Reply
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