AMZN: About to reverse the trend?
Hello traders and investors! Let’s see how AMZN is doing today!
Today’s reaction in the 1h chart might be just a Dead Cat Bounce, as long as we lack bullish structure. However, AMZN is doing some interesting patterns, and it is worth to pay attention to them, as they might be early signs of reversal.
First, AMZN is seeking its 21 ema again, and if we defeat it, then we’ll see something new, as we don’t trade above it since before earnings. If AMZN defeats the 21 ema, it’ll be a good start.
Despite the lack of bullish structures in the 1h chart, we have a possible bullish reversal candlestick pattern in the daily chart, called Hammer. The long shadow under the candlestick’s body is a good sign of strength, but this alone is not enough.
I would rather prefer to see this pattern triggered and then the price closing above the $ 3,296, making the recent movement a false breakdown from the support level. This will be another trigger that the trend might reverse.
To sum up, we have positive signs, but we must wait for them to be triggered, for confirmation sake. For now, let’s just wait for more information.
Meanwhile, if you read this far, I invite you to follow me to keep in touch with my daily updates on stocks and indices.
Have a good day!
Today’s reaction in the 1h chart might be just a Dead Cat Bounce, as long as we lack bullish structure. However, AMZN is doing some interesting patterns, and it is worth to pay attention to them, as they might be early signs of reversal.
First, AMZN is seeking its 21 ema again, and if we defeat it, then we’ll see something new, as we don’t trade above it since before earnings. If AMZN defeats the 21 ema, it’ll be a good start.
Despite the lack of bullish structures in the 1h chart, we have a possible bullish reversal candlestick pattern in the daily chart, called Hammer. The long shadow under the candlestick’s body is a good sign of strength, but this alone is not enough.
I would rather prefer to see this pattern triggered and then the price closing above the $ 3,296, making the recent movement a false breakdown from the support level. This will be another trigger that the trend might reverse.
To sum up, we have positive signs, but we must wait for them to be triggered, for confirmation sake. For now, let’s just wait for more information.
Meanwhile, if you read this far, I invite you to follow me to keep in touch with my daily updates on stocks and indices.
Have a good day!
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