AMZN Technical Analysis (10/8/2024)

Current Price: ~$180.93

Resistance Levels:

First Resistance: $182.00 – This level is the immediate resistance to watch, where AMZN might face rejection if there's low momentum.

Second Resistance: $186.61 – A break above $182.00 could lead AMZN to test this level, especially if volume picks up.

Third Resistance: $187.57 – A strong bullish move would target this level as a more extended upside.

Support Levels:

First Support: $180.65 – AMZN is hovering near this level. A break below could bring downside pressure.

Second Support: $175.77 – If selling continues, this is the next support to watch for potential price stabilization.

Trend & Pattern:
AMZN is in a descending channel pattern, which typically indicates a bearish continuation unless there is a break to the upside. Price action shows consolidation near the lower channel, suggesting indecision or a potential breakdown if support fails.

Volume:
Volume appears relatively low, suggesting a lack of strong buying or selling interest. This can imply a wait-and-see approach by traders, so any spike in volume tomorrow could indicate the next direction.

MACD Indicator:
The MACD is showing slight bullish divergence, with the lines crossing close to zero. This could indicate a potential bounce from current levels if the support holds.

Potential Trade Ideas:

Bullish Scenario:
If AMZN breaks above $182.00 with solid momentum, a long position could be considered, targeting $186.61 or $187.57 as upside targets.

Bearish Scenario:
A break below $180.65 could lead to a retest of lower support levels, such as $175.77. In this case, a short position may be an option with a stop above $182.00.

This analysis is for educational purposes only and is not financial advice. Please do your own research before making any trading decisions.