AMZN: Trying to react at a support level!
Hello traders and investors! Let’s see how AMZN is doing today!
First, in the 1h chart, we see that it is holding above this red line, which is a good sign, however, we see no meaningful bullish structure yet. By defeating the $ 3,260 we might see something interesting, but as long as we don’t see any confirmation, we can’t do anything.
Do you remember the red line I mentioned? Well, it happens that this is a quite strong support level for AMZN, as it worked as a bottom two times in the past, and it is working a third time.
We might consider that it did a Harami candlestick pattern yesterday, and on Monday, it was an Exhaustion Bar (although the idea of an Exhaustion Bar works better on FB).
Either way, AMZN is trying to react, and if it triggers any bullish pattern, I see it as a great opportunity to buy, at a cheaper price.
If you read this far, remember to follow to keep in touch with my daily updates, and support this idea if you liked it!
Have a good day!
First, in the 1h chart, we see that it is holding above this red line, which is a good sign, however, we see no meaningful bullish structure yet. By defeating the $ 3,260 we might see something interesting, but as long as we don’t see any confirmation, we can’t do anything.
Do you remember the red line I mentioned? Well, it happens that this is a quite strong support level for AMZN, as it worked as a bottom two times in the past, and it is working a third time.
We might consider that it did a Harami candlestick pattern yesterday, and on Monday, it was an Exhaustion Bar (although the idea of an Exhaustion Bar works better on FB).
Either way, AMZN is trying to react, and if it triggers any bullish pattern, I see it as a great opportunity to buy, at a cheaper price.
If you read this far, remember to follow to keep in touch with my daily updates, and support this idea if you liked it!
Have a good day!
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