AMZN...not so AMZNing anymore?
AMZN has retested (and failed so far) to regain the uptrend broken in January. The current bounce is facing resistance in the $3235-$3360 area where the broken trendline (purple), 50wk ma (yellow) and fib retracement lvls reside. As long as it fails to regain above those levels there is potential for a move lower with targets @ $2625 (min), $2222 (opt) and $1570 (extreme).
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AMZN has failed twice to regain the broken trendline (purple) and the 50w ma in a textbook case of breaking lower. it had reached the minimun target laid out a couple of months ago withe potential to reach our optimal target in the $2,222 area (currently trades at $2,400).
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Related publications
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.