Amazon (AMZN) is currently testing the 200-day moving average (MA), a critical long-term support level, with signs of a potential bounce. The RSI is at 30.78, indicating oversold conditions that could suggest an imminent reversal, while the price is also touching the lower Bollinger Band, signaling statistical extremes and potential support. Additionally, a “W” bottom pattern appears to be forming, which could confirm bullish momentum if the price breaks above the $213 resistance level.
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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.