AMZN for a long term top ?
AMZN has been in a long bullish trend since early 2010. Following the big central bank money printing in March 2020, prices have reached new ATHs but are now unable to continue since Sept 2020.
The upper monthly BB is now closing down and MACD has turn red which make me think that prices may have found long term top and consolidation could be going for the next months.
I've drawn something that could looks like a flag that would be forming with this consolidation. Of course this drowning is speculative since there is no points of references to confirm the trendlines and it is there just to picture a potential scenario.
The consolidation signal would be given by a break of 3000$ and the blue channel in which the share has been since 2010. The selling positions would be taken on Daily/Weekly timeframe.
On the other hand, if prices are breaking 3500$ and also the red resistance trendline then the trend would continue. But with a reversing MACD and closing BB the potential of an up move would be limited in my opinion unless we see another big money printing that would again propel the prices.
So there is a long term idea for the ones looking to buy : Wait for a break of 3500$ and red trendline to try catching the move up.
For the ones looking to sell : Wait for a break on blue channel and there will be signals to sell on Weekly/Daily.
The upper monthly BB is now closing down and MACD has turn red which make me think that prices may have found long term top and consolidation could be going for the next months.
I've drawn something that could looks like a flag that would be forming with this consolidation. Of course this drowning is speculative since there is no points of references to confirm the trendlines and it is there just to picture a potential scenario.
The consolidation signal would be given by a break of 3000$ and the blue channel in which the share has been since 2010. The selling positions would be taken on Daily/Weekly timeframe.
On the other hand, if prices are breaking 3500$ and also the red resistance trendline then the trend would continue. But with a reversing MACD and closing BB the potential of an up move would be limited in my opinion unless we see another big money printing that would again propel the prices.
So there is a long term idea for the ones looking to buy : Wait for a break of 3500$ and red trendline to try catching the move up.
For the ones looking to sell : Wait for a break on blue channel and there will be signals to sell on Weekly/Daily.
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