Amazon Faced Support Around $3,000 Price Area – Will Recover Higher?


Amazon has become volatile and currently residing inside the ranges of $3,000 to $3,280 price area. Amazon faced support around $3,000 event area. Will AMZN recover higher 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.

March 31, 2021, | AtoZ Markets – Amazon is currently trading around $3,055 price area and trying to push higher. After rejecting $3,150 to $3,180 price area, the bears have regained momentum and pushed the price down quite impulsively, but failed to break below $3,020 to $3,000 price area. As per the current price action, the price may face strong resistance at the dynamic level on the daily chart in the coming days.

Amazon Faced Support as the Event Level Worked Strongly

AMZN is currently residing near $3,055 price area and trying to climb upside. However, the price was trading inside the ranges of $3,000 to $3,280 price area for an extended period.

Amazon Faced Support

Image: AMZN 4 Hour Chart

According to the 4-hour chart, Amazon faced support and currently trading around $3,055 price area. As per the current price action, the price may decline towards $3,020 to $3,000 price area again in the process. So, if the price can break below $3,020 to $3,000 price area with an impulsive bearish candle, the bears may push the price downside towards $2,900 to $2880 price area in the days ahead. On the contrary, if the price bounced upward from $3,020 to $3,000 price area with an impulsive bullish candle, the price may recover higher towards $3,150 to $3,180 price area in the coming days.

Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as strong resistance to push the price downward. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process. Moreover, the Kumo Cloud may hold the price as strong resistance as well.

AMZN Still Indecisive Inside the Range

According to the daily chart, Amazon faced support, but the bears are still optimistic. As per the current scenario, if the price pushes lower and breaks below $3,020 to $3,000 price area with a daily bearish candle, the bears may sustain the bearish pressure towards $2,900 to $2,880 price area in the coming days. On the other hand, if the price bounced upward and breaks above $3,150 to $3,180 price area with a daily bullish candle, the price may recover upside towards $3,350 to $3,400 price area in the days ahead.

Amazon Faced Support

Image: AMZN Daily Chart

In addition, the dynamic level of 20 EMA is currently residing over the price. So, it may work as strong resistance to push the price down. So, the bulls may regain momentum if the price can break above the dynamic level in the process. Also, the MACD lines are still residing below the 0.00 level and may have a bearish crossover. It indicates that the bears may sustain the bearish pressure further in the days ahead.

To conclude, as long as the price residing below the dynamic level, the bias will remain bearish. An impulsive daily breakout is needed to identify the definite momentum in the coming days. 

Share Your Opinion, Write a Comment