AMZN: What to do with it now?
Hello traders and investors! Let’s see how AMZN is performing today!
In the hourly chart we have a Symmetrical Triangle, and it could do a breakout in any direction, so we need to work with some scenarios.
A downwards breakout would lead AMZN to $ 2961 again, which seems to be an important price level, as it is a previous support, and is the same point that it filled a gap in the recent past.
On the other hand, AMZN could trigger the pivot point at $ 3066 (green line) and do an upward breakout of this triangle to the black line around $ 3133.
How realistic are these targets? Let’s see the daily chart for more clues:
Well, the $ 3130 level worked as a support recently, and is now working as a resistance. Also, the 21 ema is close to this level, making it a strong resistance for AMZN, and an interesting target to aim, both in the hourly and daily charts.
While the $ 2961 is an interesting target in the hourly chart, the daily chart suggests a sharper correction. The stock could drop to the $ 2887 to retest its bottom level again, before it could do something interesting in the future.
But right now, AMZN is in a Trap Zone, between its support and its resistances, while the 21 ema is descending and it is getting closer to the price. In the future AMZN will do its movement, but as long as it keeps inside the Trap Zone, we must be careful and set our targets tight.
If you liked this analysis, please, support it! And remember to follow me to keep in touch with my daily analyses!
Have a great weekend.
In the hourly chart we have a Symmetrical Triangle, and it could do a breakout in any direction, so we need to work with some scenarios.
A downwards breakout would lead AMZN to $ 2961 again, which seems to be an important price level, as it is a previous support, and is the same point that it filled a gap in the recent past.
On the other hand, AMZN could trigger the pivot point at $ 3066 (green line) and do an upward breakout of this triangle to the black line around $ 3133.
How realistic are these targets? Let’s see the daily chart for more clues:
Well, the $ 3130 level worked as a support recently, and is now working as a resistance. Also, the 21 ema is close to this level, making it a strong resistance for AMZN, and an interesting target to aim, both in the hourly and daily charts.
While the $ 2961 is an interesting target in the hourly chart, the daily chart suggests a sharper correction. The stock could drop to the $ 2887 to retest its bottom level again, before it could do something interesting in the future.
But right now, AMZN is in a Trap Zone, between its support and its resistances, while the 21 ema is descending and it is getting closer to the price. In the future AMZN will do its movement, but as long as it keeps inside the Trap Zone, we must be careful and set our targets tight.
If you liked this analysis, please, support it! And remember to follow me to keep in touch with my daily analyses!
Have a great weekend.
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