Amazon is still holding the bullish bias over $3,160 to $3,200 support level as the investors are optimistic. Amazon climbed above $3,350 psychological event level. Will it recover further upward 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.
February 3, 2021, | AtoZ Markets – Amazon is currently trading around $3,383 price area and trying to push lower. After bouncing from $3,160 to $3,200 support level, the bulls pushed the price higher quite impulsively and hit $3,420 price area. As per the current price action context, the price may retrace towards the dynamic level of 20 EMA on the intraday chart in the days ahead.
In addition, at the point when online business power-station Amazon.com (NASDAQ:AMZN) reports its final quarter income later today, speculator spotlight will be on the organization’s increasing costs, which have squeezed profit despite swelling deals. Moreover, since the prevalence of Coronavirus in March of 2020, Amazon’s sales are climbing as individuals, remaining at home, keep on making an ever-increasing number of buys on the web. This overwhelming need is likewise liable for pushing Amazon’s values higher as the organization puts resources into new warehouses and extends its distribution capacities.
Amazon Climbed Above Since the People Are Purchasing an Extensive Amount of Products
AMZN is currently residing near $3,383 price area and trying to retrace downside. However, the price also broke over the Bollinger Bands middle band on the intraday chart.
Image: AMZN 4 Hour Chart
According to the 4-hour chart, Amazon climbed above and currently trading around $3,383 price area. As per the current price action, if the price retraces downward towards $3,300 to $3,350 support level and bounced upside with a bullish candle, the bulls may recover higher towards $3,500 to $3,550 key area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level may act as a strong support to push the price upward. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process.
AMZN May Sustain the Bullish Bias
According to the daily chart, Amazon climbed above as the bulls are still optimistic. As per the current scenario, if the price can have an impulsive bullish candle close above $3,300 to $3,350 price area, the bulls may sustain the bullish pressure towards $3,500 to $3,550 key area. So, if the price reaches $3,500 to $3,550 key area and rejects with a daily bearish candle, the bears may regain momentum and decline towards $3,350 to $3,300 price area again in the coming days.
Image: AMZN Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. However, it has already worked as strong support and pushed the price upside. Along with this, the MACD lines are currently residing above the 0.00 level and gradually moving higher. It indicates that the bulls may sustain the bullish pressure further in the process.
To conclude, as long as the price residing above $3,300 to $3,350 area, the bias will remain bullish. A daily close will help to identify the definite momentum in the coming days.