AMZN: You must pay attention to these signs! Scenarios for AMZN.
Hello traders and investors! Let’s see how AMZN is doing today!
First, in the 1h chart, we see a bear trend. It is under the 21 ema, doing lower highs/lows. However, the situation is more complex than it looks.
It seems AMZN is trying to react, and if it does, it could break the $ 3,169, which is a clear pivot point. This would trigger a bullish structure on AMZN that could reverse the short-term bearish momentum, following the mid-term momentum in the daily chart:
The pivot point in the 1h chart is today’s high, and today AMZN is doing a bullish candlestick pattern called Piercing Line, a strong bullish reversal pattern, that could make AMZN easily seek the $ 3,270s area again, if triggered.
What’s more this pattern appeared just above the 21 ema in the daily chart, making it a possible reversal pattern. The only thing missing is confirmation – AMZN must break the $ 3,169 in order to trigger both bullish reversal patterns, which are highly correlated.
This situation is quite curious, because when we see dual confirmation in multiple time-frames it usually gives us more confidence. But, what if AMZN fails to trigger this point?
If it resumes the bear trend, the next support would be the gap area at $ 2,884, and it’ll officially reject the bullish structure if it loses today’s low. Or now, we must wait for more confirmation.
I’ll keep you guys updated, so, remember to follow me to keep in touch with my daily analyses!
Have a good day.
First, in the 1h chart, we see a bear trend. It is under the 21 ema, doing lower highs/lows. However, the situation is more complex than it looks.
It seems AMZN is trying to react, and if it does, it could break the $ 3,169, which is a clear pivot point. This would trigger a bullish structure on AMZN that could reverse the short-term bearish momentum, following the mid-term momentum in the daily chart:
The pivot point in the 1h chart is today’s high, and today AMZN is doing a bullish candlestick pattern called Piercing Line, a strong bullish reversal pattern, that could make AMZN easily seek the $ 3,270s area again, if triggered.
What’s more this pattern appeared just above the 21 ema in the daily chart, making it a possible reversal pattern. The only thing missing is confirmation – AMZN must break the $ 3,169 in order to trigger both bullish reversal patterns, which are highly correlated.
This situation is quite curious, because when we see dual confirmation in multiple time-frames it usually gives us more confidence. But, what if AMZN fails to trigger this point?
If it resumes the bear trend, the next support would be the gap area at $ 2,884, and it’ll officially reject the bullish structure if it loses today’s low. Or now, we must wait for more confirmation.
I’ll keep you guys updated, so, remember to follow me to keep in touch with my daily analyses!
Have a good day.
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