Amazon Holding the Bullish Momentum Over $3,400 Price Area – What Next?


Amazon has become volatile, but still sustains over $3,400 to $3,420 price area. Amazon is holding the bullish momentum over $3,400 price area. What is next? The bulls to continue the bullish trend further in the days ahead? What are the charts and technical indicators are saying? Read more to find further insights into today’s AMZN Technical Analysis. 

July 1, 2021, | AtoZ Markets – Amazon is currently trading around $3,440 price area and trying to push downside. After bouncing from $3,350 to $3,370 support level, the bulls have regained momentum and pushed the price higher impulsively, and hit April 2021’s high. However, the price failed to break over $3,500 to $3,525 price area and declined. As per the current price action, the price may face strong support at the dynamic level of 20 EMA on the intraday chart in the coming days.

Amazon Holding the Bullish Momentum as the Investors Are Optimistic

AMZN is currently residing near $3,440 price area and trying to push lower. However, after a fake bearish breakout below $3,440 to $3,430 intraday support area, the bulls managed to regain momentum and strike higher again.

Amazon Holding

Image: AMZN 4 Hour Chart

According to the 4-hour chart, Amazon is holding the bullish momentum and currently trading around $3,440 price area. As per the current price action, if the price can break below $3,440 to $3,430 price area with an impulsive bearish candle, the bears may push the price downside towards $3,370 to $3,350 price area in the process. On the contrary, if the price bounced upside from $3,430 to $3,440 price area with an impulsive bullish candle, the bulls may regain momentum and push the price higher towards $3,500 to $3,525 key area again in the coming days.

Moreover, the dynamic level of 20 EMA is currently residing below the price, which may work as strong support to push the price upward. However, the bears may regain momentum if the price can break below the dynamic level in the days ahead. Along with this, the Stochastic Oscillator lines are currently residing above the oversold level 20 and gradually moving upside. It indicates that the bulls may continue further higher in the process.

AMZN May Retrace Downside

According to the daily chart, Amazon is holding the bullish momentum as the overall bias is still bullish. As per the current scenario, the price may retrace downside towards $3,420 to $3,400 price area again in the coming days. So, if the price retraced towards $3,420 to $3,400 price area and bounced upside with an impulsive bullish candle, the bulls may regain momentum and push the price upward towards $3,500 to $3,525 price area in the process.

Amazon Holding

Image: AMZN Daily Chart

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

To conclude, as long as the price residing over $3,400 to $3,420 support level, the trend will remain bullish. A daily close is needed to identify the definite momentum in the coming days. 

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