Amazon stock has gapped higher along with several other tech firms as investors rushed back into riskier assets following reports that Trump's upcoming tariffs will be more targeted than initially thought.
AMZN broke its bearish trend line after finding good support lats week at $190 key support level. If the gap now gets filled, then dip buyers might emerge near Friday's closing levels of around $195-$196. This area is now going to be significant.
Anyway, the short-term bias has flipped back to being bullish in light of today's breakout. As long as the stock now remains above the trend line, any short-term dips could be bought.
By Fawad Razaqzada, market analyst with FOREX.com
AMZN broke its bearish trend line after finding good support lats week at $190 key support level. If the gap now gets filled, then dip buyers might emerge near Friday's closing levels of around $195-$196. This area is now going to be significant.
Anyway, the short-term bias has flipped back to being bullish in light of today's breakout. As long as the stock now remains above the trend line, any short-term dips could be bought.
By Fawad Razaqzada, market analyst with FOREX.com
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.
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.