Hello Everyone! We have left AMZN with a possible reversal pattern on the way few days ago, here what has happened :
Friday 4th Sept close was a hammer, the price traded lower to its 50 sma and reversed up to its 20 sma designing a hammer which had to be confirmed the day later.
Tue 8th Sept (after Labour Day) the price went south closing below its 50 sma...! Not the confirmation we expected, a bearish signal instead! Infact price traded lower in the following sessions, confirming the price-RSI divergence spotted on the daily chart.
What do we have now : a sound bounce on its 100 sma and a green confirmation candle yesterday confirming the reversal trend. North direction we now have two possible resistance to break : first the 50 sma at 3176 than 3349 which was the high of the candle signaling the lower high of the price action.
Watch out those levels, once above those, chances of getting AMZN at lower prices than last Monday are decreasing...leave a comments on the section below if you like to do that....and may the market be with us...!
Friday 4th Sept close was a hammer, the price traded lower to its 50 sma and reversed up to its 20 sma designing a hammer which had to be confirmed the day later.
Tue 8th Sept (after Labour Day) the price went south closing below its 50 sma...! Not the confirmation we expected, a bearish signal instead! Infact price traded lower in the following sessions, confirming the price-RSI divergence spotted on the daily chart.
What do we have now : a sound bounce on its 100 sma and a green confirmation candle yesterday confirming the reversal trend. North direction we now have two possible resistance to break : first the 50 sma at 3176 than 3349 which was the high of the candle signaling the lower high of the price action.
Watch out those levels, once above those, chances of getting AMZN at lower prices than last Monday are decreasing...leave a comments on the section below if you like to do that....and may the market be with us...!
