So I did a technical analysis on NASDAQ:AMZN and here is my idea/point:
Bearish:
(not perfect) hammer candle followed by a bearish confirmation
Stock in a clear downtrend
Ema not showing any trend reversal sign or upwards correction ( no crossing movement)
AMZN broke a strong support level
Bullish:
RSI showing a very Strong Support, so Price may bounce off ( MAY ), we need confirmation in the following Week/Days, I'll update the idea
For me, the stock is showing a lack of bullish signs and is therefore bullish, BUT wee still need confirmation on the RSI support Bounce-off/breaktrough.
Clearly bearish against a double top that could be wave C of a bearish contracting barrier triangle, and is thrusting down from wave E. If this is the pattern, then triangles are terminal, when complete they return to the base of the triangle or higher. If wave 5=1 then the likely target is 2964, but could end anywhere under wave 3 low 3126.09, today's low 3113.03. Since wave 3 is longer than 1 then 5 can be an extended wave and go lower than 2964, but it's already in the 5th wave of the thrust.
xtekky
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@pechi123, Thanks for your comment, that was a nice explanation and facts I didn't even look into, I fully agree.
ViciousNeutral
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"for me the stock is showing a lack of bullish signs and is therefore bullish" - I think you meant to say is therefore BEARish?