AMZN: Hit our Target! What's next? (NEW KEY POINTS)
• AMZN hit our target at $85, but there’s no bullish reaction on it so far (link to my previous analysis is below this post);
• Both, the 1h and Daily charts look very bearish, as AMZN is just doing lower highs/lows;
• There’s a support at $84.33, in the 1h chart, which could work for a while, but most importantly, if AMZN wants to react, it must break the $85.86 mark;
• What’s more, today it did a Breakaway Gap, and it doesn’t get filled quickly, it’ll indicate a bearish continuation of this trend;
• In this scenario, I see it bouncing to the 21 ema again – this wouldn’t be a bullish reversal structure yet, just a bounce;
• In the lack of bullish reaction, the next support is only at $81. Either way, we’ll have our answer soon. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• Both, the 1h and Daily charts look very bearish, as AMZN is just doing lower highs/lows;
• There’s a support at $84.33, in the 1h chart, which could work for a while, but most importantly, if AMZN wants to react, it must break the $85.86 mark;
• What’s more, today it did a Breakaway Gap, and it doesn’t get filled quickly, it’ll indicate a bearish continuation of this trend;
• In this scenario, I see it bouncing to the 21 ema again – this wouldn’t be a bullish reversal structure yet, just a bounce;
• In the lack of bullish reaction, the next support is only at $81. Either way, we’ll have our answer soon. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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