AMZN: Buying the dip? Watch these key points carefully!
Hello traders and investors! Let’s see how AMZN is doing today!
In the 1h chart we see that it is trading near the support level of a Descending Channel. This is a good place for a bullish reversal, but so far, we don’t have a meaningful reaction.
The black line at $ 3,175.42 is the key point that could trigger a reversal, and the first target would be the 3,265.35. What’s more, it must break the 21 ema for good, which is another resistance for it.
Let’s see the daily chart for more clues:
In addition to the support in the 1h chart, the daily chart shows another important support level: The 38.2% Fibonacci’s Retracement. For now, AMZN is holding at this support area nicely, but it must break the $ 3,175 for some bullish confirmation.
AMZN is not one of my favorites right now, but it is looking interesting. Since it is near support levels, the Risk/Reward ratio becomes attractive again, and it is worth to trade it. The key point it must not lose in order to trigger a clear bullish sign is the 38.2% retracement in the daily chart.
Let’s keep our eyes open! I’ll keep you guys updated on this, as usual, so remember to follow me to not miss any of my future daily analyses!
In the 1h chart we see that it is trading near the support level of a Descending Channel. This is a good place for a bullish reversal, but so far, we don’t have a meaningful reaction.
The black line at $ 3,175.42 is the key point that could trigger a reversal, and the first target would be the 3,265.35. What’s more, it must break the 21 ema for good, which is another resistance for it.
Let’s see the daily chart for more clues:
In addition to the support in the 1h chart, the daily chart shows another important support level: The 38.2% Fibonacci’s Retracement. For now, AMZN is holding at this support area nicely, but it must break the $ 3,175 for some bullish confirmation.
AMZN is not one of my favorites right now, but it is looking interesting. Since it is near support levels, the Risk/Reward ratio becomes attractive again, and it is worth to trade it. The key point it must not lose in order to trigger a clear bullish sign is the 38.2% retracement in the daily chart.
Let’s keep our eyes open! I’ll keep you guys updated on this, as usual, so remember to follow me to not miss any of my future daily analyses!
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