Amazon Bears Active Below $3,300 Price Area – Will Push Down?


Amazon has become volatile and still holding the bearish momentum below $3,300 to $3,250 price area. Amazon bears are active below $3,300 significant resistance area. Will the bears push the price down in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s AMZN Technical Analysis.

May 19, 2021, | AtoZ Markets – Amazon is currently trading around $3,230 price area and trying to push lower. After bouncing from $3,100 to $3,130 support level, the bulls pushed the price higher quite impulsively, but failed to sustain the bullish pressure above $3,250 to $3,300 psychological price area. As per the current price action, the price may face support around $3,100 to $3,130 price area again in the coming days.

Amazon Bears Active Below Psychological Resistance Level

Amazon is currently residing near $3,230 price area and trying to push downside. However, the price also faced resistance at the dynamic level of 20 EMA on the daily chart.

Amazon Bears Active

Image: AMZN 4 Hour Chart

According to the 4-hour chart, Amazon bears are active and currently trading around $3,230 price area. As per the current price action context, if the price can have an impulsive 4-hour bearish candle close below the last candle’s low, the bears may sustain the bearish pressure towards $3,130 to $3,100 price area in the coming days.

In addition, the dynamic level of 20 EMA is currently residing above the price. So, it may work as strong resistance to push the price downwards in the days ahead. Along with this, the Stochastic Oscillator lines are currently residing below the overbought level 80 and may have a bearish crossover. It indicates that the bears may sustain the bearish pressure further in the process.

AMZN May Decline Further Lower

According to the daily chart, Amazon bears are active below the significant event level. As per the current scenario, the price had an impulsive daily bearish candle close below $3,300 to $3,250 resistance area. So, if the price can break below the previous bearish candle’s low, the bears may continue to push the price lower towards $3,130 to $3,100 price area as a first target. The second target will be $3,020 to $3,000 price area if the price can break below $3,130 to $3,100 price area in the coming days.

Amazon Bears Active

Image: AMZN Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Bollinger Bands middle band. So, the dynamic level may work as strong resistance to push the price downward. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process.

To conclude, as the price had an impulsive daily bearish candle close below $3,300 to $3,250 resistance area, there is a high chance that the bears may continue to push the price further downward in the coming days. 

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