Hello traders and investors! Let’s see how AMZN is doing, and what are its most important key points to keep in mind!
First, we have the green line at $ 3,277, which was a previous support, and it worked as a resistance today, thanks to the Principle of Polarity in Technical Analysis. Also, it has a strong support at the black line, around $ 3,125.
If we see a breakout from any of these points in the short-term, we could see a stronger movement on the daily chart:
Here, the most important key point is the green line at $ 3,225, as it is the Neckline of the Inverted H&S chart pattern. Amazon is doing a pullback to this support level, and if it closes above this point, would be a sign of strength. This could lead the stock to retest the resistance in the hourly chart again, or even defeat it, and lead AMZN to $ 3,496 again.
On the other hand, if AMZN closes under the neckline, it’ll retest its support levels, like the black line mentioned in the hourly chart, and the blue line at $ 3,088 in the daily chart. There are no supports below these levels other than the red line at $ 2,887.
The 21 ema is flat, and it is going to release its Earnings in 3 days. I believe this will bring volatility to the stock, and usually, this means opportunity. The bull trend is weaker on the Nasdaq Index, and maybe this will affect Amazon as well. But so far, the stock is just doing a pullback, and I see the neckline at $ 3,225 as the most important point for AMZN right now.
Also, if you like this analysis, please, support it! And follow me to keep in touch with my daily analyses.
Have a great Monday!
First, we have the green line at $ 3,277, which was a previous support, and it worked as a resistance today, thanks to the Principle of Polarity in Technical Analysis. Also, it has a strong support at the black line, around $ 3,125.
If we see a breakout from any of these points in the short-term, we could see a stronger movement on the daily chart:
Here, the most important key point is the green line at $ 3,225, as it is the Neckline of the Inverted H&S chart pattern. Amazon is doing a pullback to this support level, and if it closes above this point, would be a sign of strength. This could lead the stock to retest the resistance in the hourly chart again, or even defeat it, and lead AMZN to $ 3,496 again.
On the other hand, if AMZN closes under the neckline, it’ll retest its support levels, like the black line mentioned in the hourly chart, and the blue line at $ 3,088 in the daily chart. There are no supports below these levels other than the red line at $ 2,887.
The 21 ema is flat, and it is going to release its Earnings in 3 days. I believe this will bring volatility to the stock, and usually, this means opportunity. The bull trend is weaker on the Nasdaq Index, and maybe this will affect Amazon as well. But so far, the stock is just doing a pullback, and I see the neckline at $ 3,225 as the most important point for AMZN right now.
Also, if you like this analysis, please, support it! And follow me to keep in touch with my daily analyses.
Have a great Monday!
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💲💲 Project 5%: + 104%
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💪 Public track record.