Amazon Remains Below $3,300 Price Area – Will Push Downward?


Amazon volatility increased, but the bears are still holding the bearish momentum below $3,320 to $3,300 price area. Amazon remains below $3,300 resistance area. Will the bears push the price downward 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.

May 26, 2021, | AtoZ Markets – Amazon is currently trading around $3,260 price area and trying to recover higher. After breaking below $3,320 to $3,300 support level, the bears pushed the price down quite impulsively, and reached $3,130 to $3,100 price area. However, the bears have failed to sustain the bearish pressure below $3,130 to $3,100 price area and bounced upside. As per the current price action, the price may face strong resistance around $3,320 to $3,300 price area in the coming days.

Amazon Remains Below as the Bears Are Still Residing on the Market

AMZN is currently residing near $3,260 price area and trying to push higher. However, the price is currently residing inside the historical ranges of $3,320 to $3,100 price area.

Amazon Remains

Image: AMZN 4 Hour Chart 

According to the 4-hour chart, Amazon remains below and currently trading around $3,260 price area. As per the current scenario, the price may recover higher towards $3,300 to $3,320 price area in the process. So, if the price climbs towards $3,300 to $3,320 resistance area and rejects with an impulsive bearish candle, the bears may regain momentum and push the price downside towards $3,130 to $3,100 price area in the coming days.

In addition, the dynamic level of 20 EMA is currently residing below the price. So, it 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. Also, the MACD lines are currently residing below the 0.00 level and gradually sloping down. It indicates that the bears may regain momentum in the process.

AMZN May Strike Higher

According to the daily chart, Amazon remains below and currently trading around $3,260 price area. As per the current price action, if the price can break above $3,300 to $3,320 resistance area with an impulsive bullish candle, the bulls may regain momentum and continue further upward towards $3,500 to $3,550 key area in the process. On the contrary, if the price rejects $3,320 to $3,300 price area with a daily bearish candle, the bears may push the price down towards $3,130 to $3,100 price area again in the coming days.

Amazon Remains

Image: AMZN Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing near the price. Along with the Kijun line. So, the dynamic level may act as a strong support if the price can have a daily bullish candle close above it. Besides, the Kijun line may work as a confluence of the dynamic level in the process. Moreover, the Kumo Cloud is still holding the price as strong support, which indicates that the bulls may strike higher in the days ahead.

To conclude, as long as the price residing over the Kumo Cloud, there is a high chance that the bulls may regain momentum. An impulsive daily close is needed to identify the definite momentum in the coming days.

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