Amazon Hit an All Time High of $3,770 Price Area – What Next?


Amazon sustained its bullish trend and reached a record high of $3,750 to $3,770 price area. Amazon hit an all-time high of $3,770 price area. What is next? The bulls to continue 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. 

July 15, 2021, | AtoZ Markets – Amazon is currently trading around $3,680 price area and trying to push downside. After bouncing from $3,400 to $3,420 support level, the bulls have regained momentum and pushed the price higher impulsively and hit $3,750 to $3,770 price area last week. As per the current price action context, the price may retrace downside towards the dynamic level on the daily chart in the coming days.

Amazon Hit an All Time High as the Overall Bias Is Still Bullish

AMZN is currently residing near $3,680 price area and trying to retrace lower. However, the price had a daily bearish pin bar close after rejecting $3,750 to $3,770 key area.

Amazon Hit an All Time High

Image: AMZN 4 Hour Chart

According to the 4-hour chart, Amazon hit an all-time high and currently trading around $3,680 price area. As per the current price action, if the price can break below the uptrend line with an impulsive bearish candle, the bears may regain momentum and push the price down towards $3,550 to $3,500 price area in the coming days.

Furthermore, the dynamic level of 20 EMA is currently residing below the price, which may work as strong support. However, the bears may regain momentum if the price can break below the dynamic level in the days ahead. Along with this, the MACD lines are currently residing above the 0.00 level and had a bearish crossover. It indicates that the price may retrace downside in the process.

AMZN May Revert Back to the Mean

According to the daily chart, Amazon hit an all-time high as the bulls are optimistic. As per the current scenario, the price may retrace downside towards $3,550 to $3,500 price area in the process. So, if the price retraced downward towards $3,550 to $3,500 price area and bounced higher with an impulsive bullish candle, the bulls may regain momentum and push the price upside towards $3,750 to $3,770 key area again in the coming days.

Amazon Hit an All Time High

Image: AMZN Daily Chart

Moreover, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may pull the price down as a mean reversion. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the days ahead.

To conclude, after an impulsive bullish momentum, the price requires a downside retracement. As the overall bias is still bullish, there is a high chance that the bulls may continue further upward after a downside retracement in the coming days. 

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