AMZN has been forming lower highs and lower lows (circled in red), recently fell out of its support range with a test upward. Unsupported, given broad market weakness given by a negative McClellan Oscillator reading, Amazon looks ready to test its lower trendline. Expect lower highs and lower lows until a convincing break and hold of the downtrend line. The upcoming price pressure could push shares down to the $1,500 to $1,550 range, wherein a strong base could form to lift
AMZN out of its downtrend to have a realistic shot at breaking $1720 resistance with a retest of its all time highs in the second half of this year.Trade active
This trade is still active, we had a temporary rally but we're still in a downtrend. Still expecting a break of the lower channel for a temporary bottom around the range outlined.Trade closed: stop reached
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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.