• AMZN is doing some range trading since September 23;
• Its support is at $112.06, while its resistance is at $118.70;
• The momentum is still bearish, and we don’t see any reversal pattern confirmed yet. In this case, we can assume AMZN will lose the support and seek the next target at $102 (the next support level);
• Is there any chance of a reversal? Yes. By breaking the resistance, it’ll trigger a technical mid-term reversal, and the next resistance at $136 would be the next target;
• The open gap near the next resistance will probably help the bullish thesis. Remember, gaps work as magnets during reversals;
• For now, AMZN is neutral, and the volume confirms this, as it stabilized along with the price;
• To whatever side AMZN breaks, I see a good movement in sequence. Let’s pay attention to these key points for now.
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
• Its support is at $112.06, while its resistance is at $118.70;
• The momentum is still bearish, and we don’t see any reversal pattern confirmed yet. In this case, we can assume AMZN will lose the support and seek the next target at $102 (the next support level);
• Is there any chance of a reversal? Yes. By breaking the resistance, it’ll trigger a technical mid-term reversal, and the next resistance at $136 would be the next target;
• The open gap near the next resistance will probably help the bullish thesis. Remember, gaps work as magnets during reversals;
• For now, AMZN is neutral, and the volume confirms this, as it stabilized along with the price;
• To whatever side AMZN breaks, I see a good movement in sequence. Let’s pay attention to these key points for now.
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
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