AMZN - Will the divergence be effective?
Updated
Hello Everyone!
Amazon stock is among the ones have benefited more during the pandemic, price is up 50% since the bottom in March and divergences started to appears in many timeframes from 1H to W.
I expect the divergence will be effective perhaps sooner than later, despite the strong uptrend, and price to retrace below its 50 sma, likely to hit the previous resistance area of 2170-2180 which could act as support.
At level 2180 there is also the 38,2% Fibonacci retracement.
If that will happen I'll be ready to take this occasion to add more shares as AMZN continues to be one of the fast growth stock of SP500.
Post your comments if you like and.... may the market be with us...!
Amazon stock is among the ones have benefited more during the pandemic, price is up 50% since the bottom in March and divergences started to appears in many timeframes from 1H to W.
I expect the divergence will be effective perhaps sooner than later, despite the strong uptrend, and price to retrace below its 50 sma, likely to hit the previous resistance area of 2170-2180 which could act as support.
At level 2180 there is also the 38,2% Fibonacci retracement.
If that will happen I'll be ready to take this occasion to add more shares as AMZN continues to be one of the fast growth stock of SP500.
Post your comments if you like and.... may the market be with us...!
Note
AMZN at all time high, yesterday close at 2764, RSI divergences still in place, now watching daily and weekly timeframes
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