Amazon bears have regained momentum, after rejecting $3,450 to $3,420 price area. Amazon is holding the bullish bias over $3,300 price 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.
April 21, 2021, | AtoZ Markets – Amazon is currently trading around $3,333 price area and trying to push upside. After bouncing from $3,000 to $3,020 support level, the bulls have regained momentum and pushed the price upward quite impulsively, and hit February 2021’s key resistance level. As per the current price action context, the price may find support at the dynamic level of 20 EMA on the intraday chart in the coming days.
Amazon Holding the Bullish Bias as the Bulls Are Still Optimistic
Amazon is currently residing near $3,333 price area and trying to climb upward. However, the price is also facing support at the Bollinger Bands middle band on the intraday chart.
Image: AMZN 4 Hour chart
According to the 4-hour chart, Amazon is holding the bullish bias and currently trading around $3,333 price area. As per the current price action, if the price can have an impulsive bullish candle close above $3,300 to $3,330 price area, the bulls may regain momentum and push the price higher towards $3,420 to $3,450 price area in the process. Alternatively, if the price breaks below $3,330 to $3,300 price area with a 4-hour bearish candle close, the bears may push the price downward towards $3,220 to $3,200 price area in the days ahead.
Furthermore, the dynamic level of 20 EMA is currently residing near the price. Along with the Bollinger Bands middle band. So, the dynamic level may work as a strong support if the price closes above it. Besides, the Bollinger Bands’ middle band may work as a confluence of the dynamic level in the process. However, the dynamic level may also work as strong resistance if the price closes below it in the days ahead.
AMZN Bulls May Strike Upside
According to the daily chart, Amazon is holding the bullish bias and currently residing near $3,333 price area. As per the current scenario, if the price can have an impulsive daily bullish candle close above $3,300 to $3,330 price area, the bulls may regain momentum and continue the bullish trend towards $3,420 to $3,450 price area as a first target. The second target will be $3,530 to $3,550 price area if the price can break above $3,420 to $3,450 price area in the coming days.
Image: AMZN Daily Chart
Along with this, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support to push the price higher. Moreover, the MACD lines are currently residing above the 0.00 level and gradually moving upside. It indicates that the bulls may sustain the bullish bias further in the days ahead.
To conclude, as long as the price residing over $3,300 to $3,330 price area, the bias will remain bullish. An impulsive daily close is needed to identify the definite momentum in the coming days.