AMAZON Short-term buy signal

31 thg 7, 2023

It's been exactly two months (May 30) since we gave the latest buy signal on Amazon (AMZN) when the price touched the 0.382 Fibonacci retracement level (see chart below):

Our target was set at 146.50, which is the High of August 16 2022 (Resistance 1) and we are updating our analysis as the recent rebound on the 1D MA50 (blue trend-line), seems to be the final bullish leg towards that target.

We may experience a strong pull-back (long-term trend still bullish though) there (also the 0.618 Fibonacci level is just above it) as the 1D RSI is trading within a Channel Down, which illustrates a Bearish Divergence.

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