Amazon Bear Retracement
Sign of Bearish trend continuation
-Candlesticks are moving below MA200
-Magnitude of Downtrend Line B is much stronger than of downtrend Line A, confirming strong bearish trend
-Candlestick fail to stay above MA200 after retracement R1
Strength of Retracement line R2 is stronger than of R1, signifying more uptrend momentum. However, candlesticks might have issues challenging hurdles of 0.618 fib retracement of Line B and MA 200.
Heavy selling might occur around the range of 151 to 164, where there is much higher trading volume. Holders that bought at this range or higher might choose to sell in order to breakeven or recoup losses.(Boxed)
If the expected long-term downtrend continues, Strong support might only be found at 88 to 95 range, where the highest volume have been traded for past 900 days since March 2020. (Boxed)
-Candlesticks are moving below MA200
-Magnitude of Downtrend Line B is much stronger than of downtrend Line A, confirming strong bearish trend
-Candlestick fail to stay above MA200 after retracement R1
Strength of Retracement line R2 is stronger than of R1, signifying more uptrend momentum. However, candlesticks might have issues challenging hurdles of 0.618 fib retracement of Line B and MA 200.
Heavy selling might occur around the range of 151 to 164, where there is much higher trading volume. Holders that bought at this range or higher might choose to sell in order to breakeven or recoup losses.(Boxed)
If the expected long-term downtrend continues, Strong support might only be found at 88 to 95 range, where the highest volume have been traded for past 900 days since March 2020. (Boxed)
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