• The crash was intense on AMZN, could it bounce from here? Let’s see;
• First, the trend is bearish, as AMZN is doing lower highs/lows in the 1h and daily charts;
• There’s not a single bullish structure indicating it’ll bounce in the near future, however, AMZN just hit an important support level;
• As seen in the daily chart, the $101 area was a previous support level from June, and although AMZN dropped below this point, it went up nearly 6% from its bottom to close above this support – doing a White Marubozu in the process;
• This could suggest that AMZN is oversold, but we must see more bullish signs in order to believe in a bounce, like a pivot point in the 1h chart, or any other meaningful pattern;
• To me, it is a little too early, but AMZN could be a promising stock in the near future;
• If it loses the $101 again, AMZN will reject any thesis that considers a possible bounce to the 21 ema, so keep an eye on this support.
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• First, the trend is bearish, as AMZN is doing lower highs/lows in the 1h and daily charts;
• There’s not a single bullish structure indicating it’ll bounce in the near future, however, AMZN just hit an important support level;
• As seen in the daily chart, the $101 area was a previous support level from June, and although AMZN dropped below this point, it went up nearly 6% from its bottom to close above this support – doing a White Marubozu in the process;
• This could suggest that AMZN is oversold, but we must see more bullish signs in order to believe in a bounce, like a pivot point in the 1h chart, or any other meaningful pattern;
• To me, it is a little too early, but AMZN could be a promising stock in the near future;
• If it loses the $101 again, AMZN will reject any thesis that considers a possible bounce to the 21 ema, so keep an eye on this support.
Remember to follow me to keep in touch with my analyses!
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