AMZN came into a potentially strong support zone 79 - 84 comprising of a horizontal support area as well as the 88.6% fibonacci retracement of the major covid upswing AB. Some bullish divergence is now seen on it's weekly chart hence there is a good chance that this support of 79 will hold in the near term. However, any bounce from here must still be viewed as short term until we can see that a bottom is clearly in place (usually on hind-sight!).
A safer region to consider going long is when it could at least clear near term resistence (101 - 105). Until then.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
A safer region to consider going long is when it could at least clear near term resistence (101 - 105). Until then.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!