Stock was near a major support. But it is falling continuously. It is forming a falling wedge pattern on the weekly chart. Because it broke a major support, we can see a short term bounce, but the overall trend seems to be bearish, until price breaks out of the wedge.
WHY BULLISH ?
REASONS :
1 . A Long Consolidation And W Pattern ( Which Are Very Important In Terms Of Trend Decider ) Have A Breakout As Seen In The Graph Shared .
2 . Rsi Divergence Breakout Is Also Visible In The Graph .
3 . Best Part Is - As I Am Writing This Article - The Global Market Sentiment Has Gone Bullish - Right Now As I Write This - Global Market...
Short Amazon at 2986
Target - 2900
Sl - 40 Point
There is a Trend revealing Parten in Amazon which can give his fuel to hit a low point. It looks like a trap
Its very important that the price remains within the parallel consolidation channel. The price should remain in the 2880-3550 consolidation range. As soon a monthly closing happens above or below this channel , we can expect a violent move in that side. Till then bid your time and watch out the VCP pattern playing out
200 week average at lower levels. 5 year average. around 50% retracement.
Weekly RSI Oversold
Retracement 50% and 61.8% could be opportunity for passive long term.
Currently trading at 3430, as market is bullish, ignoring all negative news. If amazon able to post good numbers. It will be super buy above 3555 for new life time high.
Hello, This is my first ever published Technical Analysis.
According to my analysis the price will go up.
We should take entry at 3262
The target should be at 3340
Stop Loss at 3234.
Note: This is just a Technical Analysis if by any chance my target doesn't become reality and you lose money then I will not be the liable person for your investment on any...
tgt and sl are indictated.
1st tgt can be 81 for safe traders but thats the least ir can go
90 and 95 are other targets
trail your stoploss using Fibonacci or pivots
