AMZN: Some scenarios to work with!
Hello traders and investors! Let’s see how AMZN is doing today!
Since our last analysis, AMZN triggered the bullish signs we were focusing on, and it went up nicely, until it gave us a reversal sign. Now, AMZN is not bullish anymore, but it is still not bearish at all.
Since we just retested the previous support level at $ 3,305, AMZN has been moving sideways. The volume is very high, and this might indicate that the moment it starts to react, we’ll see something good around.
Now, let’s work with scenarios. For a bullish scenario to materialize, we must see AMZN triggering the $ 3,351. This will create a reversal pattern and lead AMZN to fill the two previous gaps in the short/mid-term. What if AMZN loses its support? Then the daily chart will give us more clues.
If AMZN loses its support in the 1h chart, it’ll also lose the 61.8% Fibonacci’s Retracement for good, and there’s no other support level to work with, only the $ 3,175 area.
Only time will tell what AMZN will do next, however, we can always work with scenarios to prepare ourselves. If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
Have a good day.
Since our last analysis, AMZN triggered the bullish signs we were focusing on, and it went up nicely, until it gave us a reversal sign. Now, AMZN is not bullish anymore, but it is still not bearish at all.
Since we just retested the previous support level at $ 3,305, AMZN has been moving sideways. The volume is very high, and this might indicate that the moment it starts to react, we’ll see something good around.
Now, let’s work with scenarios. For a bullish scenario to materialize, we must see AMZN triggering the $ 3,351. This will create a reversal pattern and lead AMZN to fill the two previous gaps in the short/mid-term. What if AMZN loses its support? Then the daily chart will give us more clues.
If AMZN loses its support in the 1h chart, it’ll also lose the 61.8% Fibonacci’s Retracement for good, and there’s no other support level to work with, only the $ 3,175 area.
Only time will tell what AMZN will do next, however, we can always work with scenarios to prepare ourselves. If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
Have a good day.
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