AMZN Daily Chart Analysis
Price Action: AMZN has been in a strong uptrend, trading within an ascending channel (yellow and blue lines). Recently, it broke below the channel support around $204.17, signaling a potential trend reversal or pullback.
Indicator: The Enhanced Trend & Volume Confirmation Indicator shows a bearish shift, with the price dropping to $195.55 after failing to hold above the upper channel resistance.
Key Levels:
Support: $184 (recent low and psychological level).
Resistance: $204.17 (channel support turned resistance).
Volume: The sharp decline suggests strong selling pressure, confirmed by the indicator's bearish signal.
Outlook: Bearish in the short term. Watch for a retest of $184 support. A break below could target $175 (next major support). If price reclaims $204.17, the uptrend may resume.
Trade Idea: Consider shorting on a bounce to $204 with a stop above $208, targeting $184. Alternatively, wait for confirmation of support at $184 for a long entry.
#AMZN #Bearish #TrendAnalysis
Price Action: AMZN has been in a strong uptrend, trading within an ascending channel (yellow and blue lines). Recently, it broke below the channel support around $204.17, signaling a potential trend reversal or pullback.
Indicator: The Enhanced Trend & Volume Confirmation Indicator shows a bearish shift, with the price dropping to $195.55 after failing to hold above the upper channel resistance.
Key Levels:
Support: $184 (recent low and psychological level).
Resistance: $204.17 (channel support turned resistance).
Volume: The sharp decline suggests strong selling pressure, confirmed by the indicator's bearish signal.
Outlook: Bearish in the short term. Watch for a retest of $184 support. A break below could target $175 (next major support). If price reclaims $204.17, the uptrend may resume.
Trade Idea: Consider shorting on a bounce to $204 with a stop above $208, targeting $184. Alternatively, wait for confirmation of support at $184 for a long entry.
#AMZN #Bearish #TrendAnalysis
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join my trading community! 📈
🔹 Discord: discord.gg/7Fwru9gqbS
🔹 Discord: discord.gg/7Fwru9gqbS
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.