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Amazon - Double bottom on the Nasdaq 100 index and AMZN too?Yesterday, Amazon broke above resistance at 3 276.69 USD. This is a particularly bullish development for the stock and it strengthens the case for uptrend revival. On 24th January 2022, AMZN marked a low of 2 707.04 USD. Then on 8th March 2022, AMZN saw another low of 2 671.45 USD. These two lows are resemblant to the double bottom formation which is a trend reversal pattern. Since the second low was formed, technical indicators have improved for Amazon. Indeed, on the daily time frame, they turned bullish. Currently, this time frame points to more upside for AMZN. Because of that, we would like to set a new price target for AMZN to 3 500 USD. Illustration 1.01 The picture above shows the daily time frame of Amazon stock. It also shows two recent bullish breakouts. Technical analysis - daily time frame RSI is bullish. The same applies to Stochastic and MACD. Indeed, just recently, MACD performed a bullish crossover above 0 points; that is very bullish. DM+ and DM- point to bullish conditions in the market. However, ADX declines; that suggests that the prevailing trend is turning neutral. Overall, the daily time frame is bullish. Although, relatively weak ADX might translate to sideways moving price action in the short term. Technical analysis - weekly time frame RSI and Stochastic are bullish. MACD is due to perform crossover above 0 points. If it manages to do so, then it is going to bolster a bullish case for AMZN even more. DM+ and DM- are still bearish. ADX declines which suggests that the prior bearish trend is losing momentum. Overall, the weekly time frame is neutral. Illustration 1.02 Double bottom resemblance can be found also on NQ1! (Nasdaq continuous futures). Support and resistance Please feel free to express your own ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Your own due diligence is highly advised before entering a trade.
NASDAQ:AMZNLong
by Tradersweekly
Double Bottom Chart PatternCompany info Amazon.com, Inc. is a company that engages in the retail sale of consumer products and subscriptions internationally and North America. It sells merchandise and content purchased for resale from third-party sellers. The company also manufactures a range of electronic devices. Sector analysis The main ETF that tracks this sector is the Vanguard Consumer Discretionary ETF. Over the last four months, the ETF has been on a decline. Mainly led by inflation worries. AMZN has also been following a similar pattern. So, I would keep an eye on this ETF. If you see the ETF falling, you can expect AMZN to possibly follow suit. Double Bottom Analysis Type: Eve and Adam Length between Valleys: 5 weeks Volume Trend: None Breakeven Failure Rate: 12% Throwback Rate: 67% Average Rise: 42% Price Target: 3677.06 Percentage Change: 14% The length between the two valleys is 5 weeks. This is ideal. As it means the strength of this double bottom could potentially be stronger. There isn’t a volume trend for AMZN between the two valleys. The volume seems to be higher on these two valleys compared to prior price movements but that’s it. Also, just like the stock above, AMZN is near its all-time high which could pose some issues concerning potential upward movement. However, this is a major blue-chip stock. This means two things. The positive is that the stock is are already near the confirmation line and has great volatility to break through and maybe reach the price target. The negative is that you will have to look out for any news concerning this stock to see if there is something that could lead to a throwback or a breakeven. Furthermore, as stated above, the stock has been on a decline along with the ETF, so there could be a rebound upward and this double bottom could be profitable, or the stock could rebound now and fall downwards after hitting the confirmation line that can act as a resistance level. So, I would pay attention to the ETF. Watch any news concerning Amazon and inflationary issues so gauge if the stock will break through the confirmation line and if this chart pattern will work. Henceforth I am giving this double bottom a pattern strength of 2/5
NASDAQ:AMZNLong
by BlackbearTrader
2
AMAZON Lookin to Advance Higher - Elliott WaveHi Elliotticians, Amazon.com is making a bullish impulse on the weekly time frame, and can currently be ending a corrective wave IV of a higher degree near the Fib. ratio of 0.382 and 0.50. A completed three-wave correction in IV, followed by an impulsive rally above the 3762 lvl. would be a confirmation that wave V us underway. Alternate scenario indicates a completed bullish impulse at current highs, which means we may expect a minimum three-wave reversal. Trade well.
NASDAQ:AMZN
by Gravity33
Amazon: Weekly Moving Average Resistance Amazon - Short Term - We look to Sell at 3219 (stop at 3346) Preferred trade is to sell into rallies. Previous support, now becomes resistance at 3200.00. 20 1week EMA is at 3167. The 50% Fibonacci retracement is located at 3219 from 3762 to 2671. The bias is still for lower levels and we look for any gains to be limited. We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower. Our profit targets will be 2768 and 2635 Resistance: 3200 / 3500 / 3700 Support: 2700 / 2500 / 2200 Disclaimer – Saxo Bank Group. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in trading. The technical analysis, like any and all indicators, strategies, columns, articles and other features accessible on/though this site (including those from Signal Centre) are for informational purposes only and should not be construed as investment advice by you. Such technical analysis are believed to be obtained from sources believed to be reliable, but not warrant their respective completeness or accuracy, or warrant any results from the use of the information. Your use of the technical analysis, as would also your use of any and all mentioned indicators, strategies, columns, articles and all other features, is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness (including suitability) of the information. You should assess the risk of any trade with your financial adviser and make your own independent decision(s) regarding any tradable products which may be the subject matter of the technical analysis or any of the said indicators, strategies, columns, articles and all other features. Please also be reminded that if despite the above, any of the said technical analysis (or any of the said indicators, strategies, columns, articles and other features accessible on/through this site) is found to be advisory or a recommendation; and not merely informational in nature, the same is in any event provided with the intention of being for general circulation and availability only. As such it is not intended to and does not form part of any offer or recommendation directed at you specifically, or have any regard to the investment objectives, financial situation or needs of yourself or any other specific person. Before committing to a trade or investment therefore, please seek advice from a financial or other professional adviser regarding the suitability of the product for you and (where available) read the relevant product offer/description documents, including the risk disclosures. If you do not wish to seek such financial advice, please still exercise your mind and consider carefully whether the product is suitable for you because you alone remain responsible for your trading – both gains and losses.
NASDAQ:AMZNShort
by Saxo
AMZN Potential Bearish Reversal | 17th March 2022We expect price to dip from our Sell Entry of 3084.43 in line with the 61.8% Fibonacci retracement to our Take Profit level of 2718.60 in line with Fibonacci confluence (127% Fibonacci extension, 78.6% Fibonacci retracement and 61.8% Fibonacci projection), along with the horizontal swing low support. Our bearish bias is supported by price trading under Ichimoku cloud indicator. Alternatively, price may break our entry structure and head for our stop loss of 3270.02 in line with the 100% Fibonacci projection level and horizontal swing high resistance. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
NASDAQ:AMZNShort
by Rockqet
Amazon flowing down the river. AMZNGoals 2697, 2542. Invalidation at 3637 . We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe
NASDAQ:AMZNShort
by Rykin_Capital
Amazon to regain some ground. AMZNImmediate targets 3244, 3366. Invalidation 2721. We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe
NASDAQ:AMZNLong
by Rykin_Capital