Amazon strikes upward after the price faced strong support around $3,100 to $3,150 price area. Amazon found support around $3,100 psychological event level. Bulls to regain momentum 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 24, 2021, | AtoZ Markets – Amazon is currently trading around $3,195 price area and trying to recover upward. After rejecting $3,440 to $3,400 price level, the bears have regained momentum and pushed the price down quite impulsively towards the uptrend line. As per the current price action, the price may face strong resistance at the daily chart’s dynamic level in the coming days.
Moreover, Senior Vice President Jeff Blackburn of Amazon.com Inc left the organization yesterday following 22 years; he said in an inward note that the online retailer shared with Reuters. However, Blackburn, who had managed aggregates and acquisitions, Amazon’s developing, promoting business and its TV studio, had been on sabbatical in 2020.
Amazon Found Support as the Bulls Are Still Residing on the Market
Amazon is currently residing near $3,195 price area and trying to climb upside. However, the price is still residing below the dynamic level on the intraday chart.
Image: Amazon 4 Hour Chart
According to the 4-hour chart, Amazon found support and currently trading around $3,195 price area. As per the current price action, if the price can have an impulsive bullish candle close above $3,200 price area, the bulls may push the price upward towards $3,400 to $3,440 resistance area again 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 downward. However, the bulls may regain momentum if the price can break over the dynamic level in the coming days. Also, the Stochastic Oscillator lines are currently residing below the oversold level 20 and had a bullish crossover. It indicates that the bulls may regain momentum in the process.
AMZN Still Holding the Bullish Bias
According to the daily chart, Amazon found support as the bulls are optimistic. As per the current price action context, if the price can break above the dynamic level with an impulsive bullish candle, the bulls may sustain the bullish pressure towards $3,450 to $3,500 price area in the process. On the contrary, if the price pushes further down and breaks below $3,150 to $3,100 support area, the price may decline towards $3,000 to $2,950 area in the coming days.
Image: AMZN Daily Chart
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 downside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process. However, the price had a daily bullish candle close above the Kumo cloud. It indicates that the bulls may sustain the bullish trend in the days ahead.
To conclude, as long as the price residing over $3,100 to $3,150 support area, the bias will remain bullish. An impulsive daily close is required to identify the definite momentum in the coming days.