Moving DOWN
We are in dangerous territory right now. Okay here's what's happening:
1. We just hit the 200-day moving average, so that gives us resistance at this moment.
2. We also hit the support line that has supported Amazon ever since Dec 2018, which broke down last October. Now it will act as a serious resistance level.
3. We are at an overbought RSI level on a daily chart. Pretty much every time it goes above RSI it moves down $20. That means there's pressure.
4. Earnings Report was the one news that could've moved Amazon stock above the 200-day moving average but it didn't.
Given these, we are going down hard in the next couple of days.
1. We just hit the 200-day moving average, so that gives us resistance at this moment.
2. We also hit the support line that has supported Amazon ever since Dec 2018, which broke down last October. Now it will act as a serious resistance level.
3. We are at an overbought RSI level on a daily chart. Pretty much every time it goes above RSI it moves down $20. That means there's pressure.
4. Earnings Report was the one news that could've moved Amazon stock above the 200-day moving average but it didn't.
Given these, we are going down hard in the next couple of days.
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