Amazon is currently overbought.
It might continue to go up to 3025.96 before it retraces back to 2667.22. The key point is to observe if it breaks its current highs.
I'm still learning to chart, any suggestion or criticism is welcome.
The day trend is uptrend but for day traders, this is a bearish momentum.
Downtrend might continue down to the support 9894, if bulls doesn't manage to defend that then possibility of it hitting its lows 9805 is high.
I'm still learning to chart so please any suggestion or criticism is welcome. This is just my personal take on this today.
Find the perfect time to enter a trade and the perfect time to get out of the trade. This is just an idea, I'm not a pro at charting, I'm still learning so any suggestion, ideas or critics are welcome. That's how we all learn.
Observe the market and see how it behaves, if it breaks the resistance, its most like is going to be bullish.
However, if it doeesn't then its either going to test the resistance once more before going down or if it succeeds, it might go up.
Please don't take this as a buy or sell signal. I'm quite new to charting and would love any opinion or criticism about my chart.
For this chart, I created the trend using daily and 4hr timeframe.
Personally, I would wait what happens next in the area of influence to see if its going to break through downwards, breaking the 200 EMA or will it continue the uptrend.
I'm still new to charting so if you have any suggestion or any opinion please let me know.
Currently, where the circle is will decide if the trend is bullish or bearish. Once it breaks through, that will then be the deciding trend. It's a perfect entry as well.
The trends are created using 1 Week timeframe, 1 Day Timeframe and 4HR timeframe.