AMAZON Under the 1D MA50 after 6 months. Is the bleeding over?
Amazon (AMZN) has broken and closed below its 1D MA50 (blue trend-line) for the first time in 6 months (since October 27 2023). Last time this happened, the stock had already begun the 2nd Bearish Leg (-18.83% decline) of the 2-year Channel Up.
As a result, there's a real possibility for the stock to reach as low as the 0.382 Fiboancci retracement level and the 1D MA200 (orange trend-line) to form a new Higher Low near the bottom of the Channel Up and then rebound.
As long as the Channel Down of the Bearish Leg is intact and Amazon doesn't close a 1D candle above the 1D MA50, we will wait for a more comfortable buy at $160.00 and we will target $200.00 (+31.87% symmetrical rise as Dec 20 2023).
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As a result, there's a real possibility for the stock to reach as low as the 0.382 Fiboancci retracement level and the 1D MA200 (orange trend-line) to form a new Higher Low near the bottom of the Channel Up and then rebound.
As long as the Channel Down of the Bearish Leg is intact and Amazon doesn't close a 1D candle above the 1D MA50, we will wait for a more comfortable buy at $160.00 and we will target $200.00 (+31.87% symmetrical rise as Dec 20 2023).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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