AMZN: Could it turn BULLISH gain? “Only” if it does THIS!
• AMZN lost our key support level, after failing in breaking the 21 ema in the daily chart;
• The volume is still low, a sign of weakness, and in theory, AMZN is seeking the next support at $85;
• Only a miraculous reaction, making it close above the $90.59 again (making this a false breakout), could frustrate this bearish sentiment;
• Either way, this is short-term thinking. If you are looking for a long-term reversal sign, watch the $101 area;
• The $101 is a multiple support/resistance area. Clearly, this is an important key point. Only if AMZN breaks it we might see it seeking higher levels again – maybe filling the last gap around $133;
• For now, let’s focus on the support at $85 and on the short-term resistance at $90. I’ll keep you posted on this.
Remember to follow me to keep in touch with my daily analyses!
• The volume is still low, a sign of weakness, and in theory, AMZN is seeking the next support at $85;
• Only a miraculous reaction, making it close above the $90.59 again (making this a false breakout), could frustrate this bearish sentiment;
• Either way, this is short-term thinking. If you are looking for a long-term reversal sign, watch the $101 area;
• The $101 is a multiple support/resistance area. Clearly, this is an important key point. Only if AMZN breaks it we might see it seeking higher levels again – maybe filling the last gap around $133;
• For now, let’s focus on the support at $85 and on the short-term resistance at $90. I’ll keep you posted on this.
Remember to follow me to keep in touch with my daily analyses!
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